Royal Caribbean gets $530 million term loan

By Sara Rosenberg

New York, Feb. 11 - Royal Caribbean Cruises Ltd. closed on a new $530 million unsecured term loan due 2015, according to an 8-K filed with the Securities and Exchange Commission Monday.

Nordea Bank Finland plc acted as bookrunner and administrative agent on the deal that was completed on Feb. 6, and Nordea and Skandinaviska Enskilda Banken acted as lead arrangers.

The term loan is comprised of a $300 million tranche A and a $230 million tranche B.

The company expects that when the loan is drawn $500 million will be at a fixed interest rate of about 5.2% and the balance will be at a floating interest rate of Libor plus the then applicable margin.

The tranche B Libor spread can range from 70 basis points to 155 bps, based on ratings.

Proceeds will be used toward the purchase of Independence of the Seas.

Royal Caribbean is a Miami-based cruise company.

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