Summary
Royal Caribbean Cruises Ltd. (RCL) announced on November 7, 2006, the execution of a significant Credit Agreement with various financial institutions, with Citicorp North America, Inc. acting as the Administrative Agent. This agreement provides for an unsecured loan facility of up to €750,000,000, with a maturity in 2007. The interest rate for this loan will be linked to the EURIBO rate plus an applicable margin.
Key Highlights
- 1RCL secured a new unsecured Credit Agreement totaling up to €750,000,000.
- 2The loan facility has a maturity in 2007.
- 3Proceeds are earmarked for the acquisition of Pullmantur, S.A.
- 4The financing will also be used to repay or refinance Pullmantur's existing debt.
- 5The interest rate is variable, based on EURIBO rate plus an applicable margin.
- 6Citicorp North America, Inc. is serving as the Administrative Agent for the loan.