Royal Caribbean Cruises amends and extends $1.1 billion revolver

By Wendy Van Sickle

Columbus, Ohio, June 19 – Royal Caribbean Cruises Ltd. has extended its $1.1 billion revolving credit facility and increased its borrowing capacity under certain conditions, according to an 8-K filed with the Securities and Exchange Commission.

Under the amended and restated facility, the maturity date has been extended to June 15, 2020, and the company may increase the facility’s capacity by an additional $300 million from time to time subject to the receipt of additional or increased lender commitments.

Borrowings under the amended facility bear interest at Libor plus 150 basis points, and there is an annual fee of 25 basis points.

Citibank, NA resigned as the administrative agent under the amendment. It was replaced by the Bank of Nova Scotia, which is also a joint lead arranger and joint bookrunner in the deal, along with Citigroup Global Markets Ltd., Nordea Bank Finland plc (New York branch), J.P. Morgan Securities LLC, SG Americas Securities LLC and BBVA Compass. Citigroup Global Markets Ltd. and Nordea Bank Finland plc are the co-syndication agents. JPMorgan Chase Bank, NA is the documentation agent.

Royal Caribbean is a Miami-based cruise vacation company.

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