Fincantieri has agreed to extend the maturity of a collateralized loan granted to VC Ship Four Ltd, a subsidiary of Virgin Cruises Intermediate Ltd, in connection with the delivery of a cruise vessel in December 2023.
The Italian shipbuilding group said the loan, which was originally due to mature in December 2025, will now reach final maturity in September 2030.
The extension forms part of a broader set of financial transactions completed by the shipowner following a marked improvement in operating performance. Virgin Cruises’ results had previously been affected by the impact of the Covid-19 pandemic.
Under the revised agreement, Fincantieri will receive an immediate payment which, together with amortization instalments collected in 2024 and 2025, will reduce the outstanding loan balance to €495 million. The arrangement also предусматриes partial amortization of €120 million between 2027 and 2029.
In return for the extension, Fincantieri has secured an enhanced security package backing the credit facility, along with adjustments to other loan terms and conditions, including the interest rate.
As a result of the maturity extension, the related receivable will be reclassified from current to non-current on Fincantieri’s balance sheet. The company said the change does not affect its financial outlook.
Fincantieri confirmed its 2025 guidance, maintaining its target net debt-to-EBITDA ratio in the range of 2.7x to 3.0x.
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