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Royal Caribbean amends facility to increase capacity to $850 million
By Jennifer Chiou
New York, Aug. 26 - Royal Caribbean Cruises Ltd. entered into an amended and restated unsecured revolving credit facility on Aug. 23 with Nordea Bank Finland plc, New York Branch as administrative agent, increasing the amount to $850 million from $525 million, according to an 8-K filing with the Securities and Exchange Commission.
The Miami-based cruise vacation company also extended the termination date to Aug. 23, 2018.
Borrowings bear interest at Libor plus 175 basis points. There is a facility fee of 37 bps per year.
The filing said that this facility supplements the borrowing capacity available under the company's $1.1 billion unsecured revolving credit facility maturing in July 2016, bringing total revolving credit capacity to $2 billion.
The capacity may be expanded by an additional $300 million from time to time.
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