Additional $550m revolving credit
The company increased its revolving credit capacity by $550m and is reducing capital expenditures and operating expenses and taking other actions to improve liquidity by at least a further $1.7bn in 2020.
Plus 2021 reductions
Royal Caribbean is also planning reductions to its 2021 capital expenditures and operating expenses.
First quarter and full-year guidance withdrawn
The company had previously communicated that its 2020 guidance did not include the impact of the COVID-19 outbreak. Given the recent government actions and the heightened impact and uncertainty of changes in the magnitude, duration and geographic reach of the virus, RCL withdrew its first quarter and full-year 2020 guidance.
'These are extraordinary times and we are taking these steps to manage the company prudently and conservatively,' RCL Chairman and CEO Richard Fain said. 'I am proud of the work our teams are doing to address this unprecedented situation.'