Royal Caribbean Cruises obtains $500 million revolver

By Sara Rosenberg

New York, March 27 - Royal Caribbean Cruises Ltd. closed on a new $500 million five-year unsecured revolver. Salomon Smith Barney Inc. and Nordea served as joint lead arrangers and Den Norske Bank was documentation agent for the facility.

The revolver, which has the option to be increased to $1 billion on receipt of additional commitments, has an interest rate of Libor plus 175 basis points.

The loan replaces the company's existing $1 billion revolver that was set to expire in June and will be used for general corporate purposes.

"While the conflict with Iraq has caused considerable deterioration in financial market conditions during these negotiations, we are satisfied with the overall size and structure of our new facility," said Bonnie S. Biumi, acting chief financial officer, in a news release. "Combined with our other financial resources, the facility should provide us with sufficient liquidity for our needs, including delivery of the three remaining ships in our 13 ship fleet expansion program."

Royal Caribbean Cruises is a Miami-based global cruise vacation company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.