Clifford Chance and Norton Rose Fulbright (NRF) are advising on a more than $1.7bn financing deal to develop two Abercrombie & Kent (A&K) ultra-luxury cruise ships.
Clifford Chance is advising A&K on the transaction, while NRF is representing its longstanding client Citi and a syndicate of lenders on an export credit agency-backed financing package for two high-end Crystal brand passenger cruise vessels.
The Clifford Chance team is led from London by Oliver Hipperson, head of the firm’s asset finance group. He was assisted by partner Ranbir Hunjan and senior associate Tim Hunter-Jones.
The NRF team is led by global co-head of shipping Simon Hartley and counsel Matthew Bambury. Partner Kirstin Russell separately advised Citi as security trustee.
Citi acted as global coordinator, mandated lead arranger, agent and security agent on the deal. Banco Santander, CaixaBank, Cassa Depositi e Prestiti, Credit Agricole, Banca Monte Dei Paschi di Siena and Bper Banca were all involved as lenders and in other roles. The loans are guaranteed by Italian export credit agencies SIMEST and SACE.
The Crystal passenger cruise vessels will be built at the Fincantieri shipyard in Marghera, Italy and are expected to be delivered in May 2028 and the second quarter of 2032.
NRF’s Bambury said: “We are delighted to have supported Citi on this strategically important ECA-backed financing for A&K for two high-end passenger cruise vessels. This transaction marks a significant milestone in the continued expansion of A&K’s luxury cruise brand, Crystal, and reflects the growing momentum in the cruise sector.”
NRF previously advised on the ECA-backed financing of Royal Caribbean’s latest Oasis class vessel Utopia of the Seas, and the ECA-backed credit financing and delivery of cruise vessel MSC World America.
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