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Royal Caribbean arranges loan for a portion of US$ financing for Oasis 3

Royal Caribbean arranges loan for a portion of US$ financing for Oasis 3
Royal Caribbean entered into a credit agreement for the US dollar financing of a portion of the Oasis 3 newbuild at STX France. The agreement makes available an unsecured term loan in an amount up to the US dollar equivalent of approximately €178m.

In connection with the agreement, the company amended its €892m credit agreement of July 9, 2013, to finance the vessel, reducing the maximum facility amount to approximately €714m.

Both the existing euro-denominated facility and the new US dollar-denominated facility are 100% guaranteed by Compagnie Française d’Assurance pour le Commerce Extérieur, the export credit agency of France.

The new US dollar facility will amortize semi-annually and will mature 12 years following the delivery of the ship, scheduled for the second quarter of 2016.

At Royal Caribbean's election prior to the delivery, interest on the loan is expected to accrue either at a fixed rate of 2.53% or at a floating rate equal to LIBOR plus 1.2%.

For the new April 15 facility agreement, the Bank of Tokyo-Mitsubishi served as facility agent, documentation bank and mandated lead arranger, while Banco Santander was COFACE agent and mandated lead arranger and Germany's KfW IPEX-Bank was mandated lead arranger.

The new agreement amends the July 2013 agreement with Société Générale as facility agent and mandated lead arranger, BNP Paribas as documentation bank and mandated lead arranger and HSBC France as mandated lead arranger.

 

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