Royal Caribbean Cruises has secured a $2.2 billion 364-day secured-term mortgage facility as the corporate battles the fallout from the coronavirus pandemic.
The transfer is designed to enhance the liquidity place of the cruise line, with Royal Caribbean having instantly borrowed the total quantity.
It comes as cruise traces, and all the hospitality business, face great challenges because of the worldwide unfold of Covid-19.
Royal Caribbean has presently suspended all of its sailings till not less than early April.
Together with this new financing, the corporate now has over $3.6 billion of liquidity, comprised of money deposits and its current undrawn revolving credit score amenities (internet of excellent industrial paper).
As well as, the corporate has dedicated financing for all of its new ships on order.
“This can be a interval of unprecedented disruption for the cruise business,” mentioned Jason Liberty, govt vice chairman and chief monetary officer at Royal Caribbean.
“We proceed to take decisive actions to guard the corporate’s monetary and liquidity positions as they allow us to maintain centered on our company, our crew and our long-term plans.”
Morgan Stanley, JP Morgan, Financial institution of America, BNP Paribas and Goldman Sachs acted as joint…