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Royal Caribbean gets a $1.05bn debt holiday for 14 ships

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An amended BpiFAE-backed loan for Symphony of the Seas allows Royal Caribbean to defer $125m of principal amortization payments for 12 months
Royal Caribbean Group got an additional 12-month deferral of debt payments for 14 of its ships built in Germany and France.

The company was able to amend loans backed by Hermes, Germany's export-credit agency, to finance Celebrity Eclipse, Celebrity Equinox, Celebrity Reflection, Celebrity Silhouette, Odyssey of the Seas, Celebrity Solstice, Spectrum of the Seas, Anthem of the Seas and Quantum of the Seas.

These will allow Royal Caribbean to defer approximately $570m of principal amortization payments due between April 2021 and March 2022.

In another amended Hermes-backed loan related to Ovation of the Seas, the company may defer approximately $90m of principal amortization payments due between May 2021 and April 2022.

BpiFAE amendments

Further loan amendments were agreed with BpiFrance Assurance Export related to loans for Celebrity Edge, Celebrity Apex and Harmony of the Seas, all built in France.

With these, Royal Caribbean may defer approximately $265m of principal amortization payments due between April 2021 and March 2022 for an additional 12 months.

And an amended BpiFAE-backed loan for Symphony of the Seas allows the company to defer for 12 more months approximately $125m of principal amortization payments due between April 2021 and March 2022.

Follows other loan amendments

These changes closely follow other amended loan facilities with three banks and with Finland's export-credit agency, Finnvera, related to three Icon-class ships.

 

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