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03 Oct 2023

Stephenson Harwood advises KfW IPEX-Bank GmbH on ECA-backed financing of new-build cruise ship

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Law firm Stephenson Harwood LLP has advised long-standing client KfW IPEX-Bank GmbH on the ECA-backed financing of a newly built luxury passenger cruise vessel that was delivered earlier this year by builder MKM Yachts d.o.o., Rijeka to the owners, PEC 2 Limited.

The facility was backed by ECA, Hrvatska banka za obnovu i razvitak, and the Croatian Bank for Reconstruction and Development. The Bahamas flagged vessel is bareboat chartered to PEC Operations Ltd and managed by Scenic Cruise Services d.o.o.. 

The firm advised KfW IPEX-Bank GmbH on multiple legal aspects of this complex cross-border transaction, which involved the jurisdictions of England and Wales, Croatia, Delaware, Malta, Bahamas and Switzerland. The transaction involved the close cooperation of various parties to negotiate complex closing mechanics to take account of the requirements of the existing construction financing, ECA cover and the delivery financing.

"It was fantastic to work with the KfW IPEX and Scenic teams on this exciting financing, which involved a number of interesting aspects as a result of the ECA backing and complex, multi-party closing arrangements," said Jon Cripps, partner, Stephenson Harwood.

The Stephenson Harwood team was led by partners Jon Cripps and Julie Clegg. Further support was provided by associate Joanna Katsaouni and senior paralegal Kelly Anastasiadou.

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