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Genting Announces Sale and Leaseback Deal for Crystal Endeavor

Crystal Endeavor

Genting Hong Kong has announced a sale and leaseback deal for the new Crystal Endeavor for a total price of 350 million euro.

The interest rate was reported at 7 percent.

Genting will sell the ship to SNC Endeavor Leasing, which is wholly-owned by Cafi Hester and Doumer Finance, both part of Crédit Agricole.

SNC will pay 280 million euro within five days of the acquisition contract's execution, which Genting said was the same amount it had paid to the shipyard, MV Werften, at this point.

Upon the ship's expected May delivery, SNC will pay the remaining balance. 

Genting said that it would sign a bareboat charter agreement and a share purchase option agreement.

The company also said the deal would provide working capital on reasonable terms to support its business activities.

It's the second sale leaseback deal for Genting this year, following the Genting Dream.

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