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 strains, and all the hospitality trade, face large challenges as a result of worldwide unfold of Covid-19.
Royal Caribbean has at the moment suspended all of its sailings till no 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 present 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.
“It is a interval of unprecedented disruption for the cruise trade,” mentioned Jason Liberty, government vp and chief monetary officer at Royal Caribbean.
“We proceed to take decisive actions to guard the corporate’s monetary and liquidity positions as they permit us to maintain targeted on our visitors, our crew and our long-term plans.”
Morgan Stanley, JP Morgan, Financial institution of America, BNP Paribas and Goldman Sachs acted as joint…