Norway's Color Group has announced a new five-year finance deal for its cruiseferry Color Magic.

The NOK 1.2bn ($141m) facility will be backed by a first-priority mortgage on the 75,000-gt ship (built 2007).

It has the same covenant structure as existing mortgaged loans.

The first NOK 500m tranche will be drawn next September.

Lenders involved are Nordea, Danske Bank, ABN Amro, SEB, Sparebanken More and DNB.