MSC Cruises’ €350 Million Financing for Construction of Terminal at PortMiami

Nelson Mullins Riley & Scarborough LLP and Clifford Chance advised lenders involved on the deal. Watson Farley & Williams advised MSC Cruises.

Several financial institutions provided €350 million (US$367.82 million) financing to MSC Cruises for the construction of a mega cruise terminal at PortMiami. Once constructed, it will be the largest cruise terminal in the US.

A cross-border, cross-practice team led the negotiation and drafting of financing documents for lenders Intesa Sanpaolo S.p.A (including its New York, London and Hong Kong branches in various lending and agent capacities) and Cassa Depositi e Prestiti S.p.A. The financing was guaranteed by SACE, an Italian export credit agency, with contribution from SIMEST, an Italian public financing institution, to stabilize and subsidize the interest rate.

This financing allows the Cruise Division of MSC Group to contract Fincantieri Infrastructure, through its US subsidiary, Fincantieri Infrastructure Florida, to build and supply a multistorey cruise terminal and associated infrastructure at PortMiami. The project is expected to be completed in December 2023. In addition to the new terminal, which would be able to process about 36,000 passengers daily, the financing will provide for the construction of three berth docks capable of hosting the largest and most environmentally high-performing cruise ships, as well as the construction of a multilevel garage and a new road.

Clifford Chance US-based partner Jessica Springsteen (Picture) and counsel Peter Hughes along with Italy-based counsel Filippo Tassoni led the matter, supported by partner Avrohom Gelber; associates Daniel Justus and Mari Correa; and law clerk Juan Pablo Avila in the US; and associate Giuseppe Chiaula, and trainee lawyer Alessandra Ravazzolo in Italy.

The Nelson Mullins’ team consisted of partners John Haley, Carlos Loumiet, Arvin Jaffe and Franco Furmanski. 

The cross-border WFW Assets and Structured Finance team advising MSC Cruises was led by London-based firm Managing Partner Lindsey Keeble, working closely with Of Counsel Emily Widdrington and Associates Natasha Seel and Ella Vries. Partner Nick Walker advised on environment law, while Italian law expertise was provided by Milan Partner Mario D’Ovidio.

Involved fees earner: Giuseppe Chiaula – Clifford Chance; Mari Correa – Clifford Chance; Avrohom Gelber – Clifford Chance; Peter Hughes – Clifford Chance; Daniel Justus – Clifford Chance; Jessica Springsteen – Clifford Chance; Filippo Tassoni – Clifford Chance; Franco Furmanski – Nelson Mullins Riley & Scarborough LLP; John Haley – Nelson Mullins Riley & Scarborough LLP; Arvin Jaffe – Nelson Mullins Riley & Scarborough LLP; Carlos Loumiet – Nelson Mullins Riley & Scarborough LLP; Mario D’Ovidio – Watson Farley & Williams; Lindsey Keeble – Watson Farley & Williams; Natasha Seel – Watson Farley & Williams; Ella Vries – Watson Farley & Williams; Nick Walker – Watson Farley & Williams; Emily Widdrington – Watson Farley & Williams;

Law Firms: Clifford Chance; Nelson Mullins Riley & Scarborough LLP; Watson Farley & Williams;

Clients: Cassa Depositi e Prestiti (CDP); Intesa Sanpaolo S.p.A.; MSC Cruises;

Giulia Di Palma

Author: Giulia Di Palma