Clifford Chance advised several financial institutions providing €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.
US-based partner Jessica Springsteen 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.
Springsteen said, "We drew upon Clifford Chance's unrivalled cross-border capabilities working with Filippo and our Italian team to advise the lenders, SACE and SIMEST, on this deal. We are proud to contribute to the development of infrastructure that will stimulate the economy in Miami-Dade County and beyond."
This work continues Clifford Chance's extensive record in infrastructure project financing deals, a US$86.6 million portfolio financing for solar projects in Chile for Corporación Interamericana para el Financiamiento de Infraestructura, S.A., a US$125 million financing for the development, construction, equipping and operation of new and existing facilities at the Umm Qasr Port in Iraq, and advising the US Department of Energy's Loan Programs Office (DOE LPO) on a US$504.4 million loan guarantee for the Advanced Clean Energy Storage Project that will replace an existing coal-fired power plant in Utah.