Client:
RCCP
Date:
November 2024
Object of the assignment:
Financial Advisor to the Borrower
Value of the transaction:
Eur 35 mm
With:
In November 2024, Ravenna Civitas Cruise Port S.r.l. (“RCCP”) closed a €35 million project financing with Kommunalkredit Austria AG (“Kommunalkredit”) to fund the construction of the new cruise terminal in the Port of Ravenna.
ValeCap acted as exclusive financial advisor and model advisor to RCCP in the transaction. The facility has a 7-year tenor, with a 2-year availability period, and will be drawn in multiple tranches according to construction progress.
RCCP is an Italian company jointly controlled by iCON Infrastructure and Royal Caribbean Group, through their global joint venture Cruise Terminals International (“CTI”). The project marks a major milestone for CTI, representing its first project financing for the development and construction of a new cruise terminal.
iCON Infrastructure is an independent investment firm that has raised over €8 billion of capital across its funds and invested in a diversified portfolio of more than 50 infrastructure businesses globally. Royal Caribbean Group is one of the world’s leading cruise operators, managing a fleet of 64 ships that serve around 1,000 destinations worldwide. CTI focuses on the development, ownership, and management of cruise port infrastructure worldwide.
Construction of the Ravenna terminal began in September 2024 and is expected to be completed within two years. The transaction represents the first project financing for a cruise terminal in Italy, and one of the very few in Europe.