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Royal Caribbean ends Brilliance lease, acquires ship for $275m

Royal Caribbean
Brilliance of the Seas
Royal Caribbean Cruises Ltd. refinanced Brilliance of the Seas by terminating its lease under the 25-year operating lease originally entered into in July 2002 and acquired the ship for approximately $275m.

The company said it will not recognize any gain or loss in connection with the refinancing.

Royal Caribbean funded the purchase with drawings under its revolving credit facilities. In connection with that, the company increased its revolving credit capacity by $300m by using the accordion feature on its revolving credit facility due August 2018.

One of four Radiance-class ships, the 90,000gt, 2,100-berth Brilliance of the Seas was built by Meyer Werft in 2002. The original cost was reported as $350m.