Chantiers de L'Antique, the wholly owned shipping subsidiary of French infrastructure supplier Alstom, last week brought to market its securitization of future payments for the delivery of cruise ships. Merrill Lynch acted as arranger and bookrunner for the $580 million transaction, called Cruise Ship Finance.

Under the terms of the deal, Chantiers securitizes payments for three cruise ships under construction for Royal Caribbean Cruises Ltd., the world's second biggest cruise ship operator. Chantiers will use the proceeds from the transaction as working capital for constructing the vessels, each worth $340 million.

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