The company may draw on the facility at any time before Aug. 12, 2021, with interest at LIBOR plus 3.75%. The loan will mature 364 days from funding.
The facility will be guaranteed by subsidiaries of Royal Caribbean Group that own the equity interests in seven ships.
The company has the ability to increase the facility's capacity by an additional $300m from time to time subject to the receipt of additional or increased commitments and the issuance of guarantees from additional subsidiaries.
Drawings from the loan are expected to be used for general corporate purposes.
Perella Weinberg Partners served as financial advisor and Skadden Arps, Slate, Meagher & Flom served as legal advisor.
Bolsters existing $4.1bn in liquidity
This bolsters Royal Caribbean Group's liquidity. In reporting a second quarter loss on Monday, the company said it had $4.1bn in cash and cash equivalents as of June 30.