Royal Caribbean lifts revolvers to $3.54 billion, extends maturity dates

Chicago, Oct. 11 – Royal Caribbean Cruises Ltd. increased its revolving commitments to $3.536 billion on Oct. 4, according to an 8-K filing with the Securities and Exchange Commission.

Also, with the amendment, a $1.575 billion portion will mature in October 2026 and a similar $1.575 billion will mature in October 2028. Previously, the revolvers were due to mature in April 2025.

For $242 million of the commitments, the maturity date remains April 2025 and another $145 million maintains an April 2024 maturity date.

There is an accordion that allows up for expansion for up to $5 billion aggregate capacity.

Pricing, based on ratings, was reduced in the amendments.

For extended advances, interest will be at SOFR plus 79.5 basis points to 180 bps.

For January 2023 non-extended advances, interest is between SOFR plus 79.5 bps to 130 bps.

For October 2023 non-extended advances, interest is between 114.5 bps and 205 bps.

The commitment fee is between 8 bps and 30 bps, but the seven-tier grid breaks down differently for extended and non-extended commitments. For extended commitments, the final tier is 20 bps.

The total revolving credit facility is broken down into two documents with different lenders.

JPMorgan Chase Bank, NA is the administrative agent for both agreements.

For the first agreement, which was signed originally on April 5, 2019, 36 lenders originally participated.

The second agreement, originated in October 2017 originally had 23 lenders.

On both amendments, extending lenders JPMorgan Chase Bank, NA, Truist Bank, Citibank, NA, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corp., Bank of America, NA, Bank of Nova Scotia, Mizuho Bank, Ltd., Goldman Sachs Bank, Goldman Sachs Lending Partners, DBN Capital LLC, BNP Paribas, Nordea Bank ABP, Filial I Norge, Commerzbank AG, New York Branch, Regions Bank, Skandinaviska Enskilda Banken Ab (Publ), Landesbank Hessen-Thuringen Girozentrale, Banco Santander, SA, DZ Bank AG, PNC Bank, NA and National Westminster Bank plc were signatories.

Royal Caribbean is a Miami-based cruise company.

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