Royal Caribbean amends, extends revolvers after $600 million paydown

By William Gullotti

Buffalo, N.Y., Jan. 12 – Royal Caribbean Cruises Ltd. amended and extended two unsecured revolving credit facilities after repaying $600 million of outstanding debt, according to an 8-K filing with the Securities and Exchange Commission.

The two revolvers, one totaling $1.9 billion and the other $1.1 billion, were slated to mature in April 2024. Of that $3 billion aggregate sum, the maturities for $2.3 billion of advances and commitments were extended to April 2025. The remaining balance of advances and commitments will continue to mature or terminate, as applicable, in April 2024.

“This extension, coupled with the repayment of $0.6 billion of debt in the fourth quarter of 2022, is a continuation of our proactive and methodic improvement of the balance sheet as we seek to return to an investment grade profile balance sheet,” said Naftali Holtz, Royal Caribbean’s chief financial officer, in a press release included in the filing.

Following the amendments, JPMorgan Chase Bank, NA will serve as administrative agent for both revolvers.

Royal Caribbean is a Miami-based cruise company.

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