KfW IPEX-Bank finances new cruise ship to be built at Meyer Werft

Frankfurt am Main (ots) -

- Large volume financing for prospering cruise ship sector
- Support of German shipbuilding sector
- Continuation of a success story with long-time business partners

KfW IPEX-Bank is financing a new cruise ship with the project name
"Breakaway Plus" to be built at Meyer Werft in Papenburg for
Norwegian Cruise Line headquartered in Miami, Florida, USA.

The ship's contract price is approximately euro 700 million. The
financing, which will be disbursed in US dollars, is covered by an
export credit insurance provided by Euler Hermes and involves the
favourable CIRR (Commercial Interest Reference Rate) for ships set by
the OECD.

"With this large-volume financing, we are continuing the
long-standing successful cooperation with our valued business
partners Meyer Werft and Norwegian Cruise Line. In this way, as one
of the leading ship financiers worldwide, we underscore our
structuring competence in the area of cruise ships. Furthermore, we
contribute to supporting the German export industry, particularly
northern Germany as a shipbuilding location," explained Christian K
Murach, the Management Board member of KfW IPEX-Bank responsible for
ship financing.

The Breakaway Plus ship will be larger than Norwegian's Breakaway
class ships currently under construction at Meyer Werft and will
incorporate many of those vessels' design elements. The new ship has
a gross tonnage (GT) of 163,000 and space for approximately 4,200
passengers (double occupancy). The ship will meet the highest
technical standards and will be built according to Norwegian's
Freestyle Cruising concept, which allows passengers a maximum amount
of individuality, freedom and flexibility on board. While Norwegian
Breakaway is to be commissioned in April 2013 and Norwegian Getaway
in January 2014, the new "Breakaway Plus" ship will be delivered in
fall 2015; an optional ship would follow in spring 2017.

Norwegian Cruise Line is the third largest cruise operator in the
world with currently eleven cruise ships carrying more than 1.5
million passengers per year.

Meyer Werft is a family-owned operation in the sixth generation,
building ships for over 215 years. The shipyard has a long tradition
and builds the most modern cruise liners for customers from all over
the world, and it is the most important employer of the Papenburg
region.

About KfW IPEX-Bank GmbH

KfW IPEX-Bank is responsible for international project and export
finance within KfW Bankengruppe. Its function of providing financing
to support the German and European economy is derived from the legal
mandate of KfW Bankengruppe. Its prime focus is on medium- and
long-term lending to support the export economy and develop economic
and social infrastructure, and for environmental and climate
protection projects. It operates as a legally independent group
subsidiary and contributes significantly to the promotional mission
of KfW Bankengruppe. It has 531 employees (as of 31 December 2011)
and is represented in the key economic and financial centres around
the globe.

Pressekontakt:
KfW IPEX-Bank GmbH
Palmengartenstraße 5-9
60325 Frankfurt
Pressestelle:
E-Mail: dela.strumpf@kfw.de
Tel. 069 7431-2984
Fax: 069 7431-9409
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de