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Royal Caribbean extends maturities of two credit facilities

Naftali Holtz said the action is a 'continuation of our proactive and methodic improvement of the balance sheet' as Royal Caribbean Group works to return to an investment-grade credit profile
Royal Caribbean Group amended the maturities of the bulk of its two unsecured revolving credit facilities due April 2024.

This extended $2.3b of the company's $3b aggregate revolving capacity by one year, to April 2025, with the remainder maturing in April 2024.

Testament to lenders' confidence

CFO Naftali Holtz called this a 'testament to our strong relationship with key lenders and their confidence in the Royal Caribbean Group.

He added: 'Our liquidity position remains strong and strengthening driven by our strong booked position, and delivering positive EBITDA cash flow generation.

$0.6b repaid in Q4

'This extension, coupled with the repayment of $0.6 billion of debt in the fourth quarter of 2022, is a continuation of our proactive and methodic improvement of the balance sheet as we seek to return to an investment grade profile balance sheet.'

Following the amendments, JPMorgan Chase Bank, N.A. will serve as the administrative agent for each revolving credit facility.