Royal Caribbean slashes revolver to $875 million, extends maturity

By Susanna Moon

Chicago, July 19 - Royal Caribbean Cruises Ltd. lowered the amount of its unsecured revolving facility to $875 million and pushed out the maturity until July 21, 2016, according to an 8-K filing with the Securities and Exchange Commission.

The company amended and restated its $1.225 billion unsecured revolving facility on July 15 with Citibank, NA as administrative agent. The changes are effective Thursday.

Under the amended facility, interest on the loans is currently Libor plus 200 basis points. The margin is 75 bps to 250 bps, based on the company's ratings by Moody's Investors Service and Standard & Poor's.

The facility supplements the commitments available under the company's $525 million unsecured revolving credit facility due November 2014, bringing total capacity to $1.4 billion, the release noted.

Citigroup Global Markets Ltd. and DnB NOR Markets, Inc. are the co-lead arrangers. DnB NOR Bank ASA is the syndication agent. Royal Bank of Scotland plc and Bank of Nova Scotia are documentation agents.

Royal Caribbean is a cruise company based in Miami.

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