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.
Frequently Asked Questions
The primary purpose of the Credit Agreement is to finance the acquisition of Pullmantur, S.A. and to address Pullmantur's existing debt through repayment or refinancing.
The Credit Agreement provides for an unsecured loan facility of up to €750,000,000, which is due in 2007.
The interest rate for the loan is variable and will be determined by the EURIBO rate plus an applicable margin, as stipulated in the Agreement.
According to the filing, the loan provided under this Credit Agreement is unsecured.