Royal Caribbean Cruise Lines 2009 Annual Report Download - page 88

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ROYAL CARIBBEAN CRUISES LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 7. Long-Term Debt
Long-term debt consists of the following (in thousands):
During 2009, we issued $300.0 million of 11.88% senior unsecured notes due 2015 at a price of 97.40% of par. The net
proceeds from the offering were used to repay $285.0 million outstanding under our unsecured revolving credit facility.
During 2009, we took delivery of Celebrity Equinox. To finance the purchase, we drew in full $524.5 million of an unsecured
term loan which is 95% guaranteed by Hermes, the official export credit agency of Germany. The loan has a 12-year life with semi-
annual amortization, and bears interest at LIBOR plus a margin of 50 basis points, currently approximately 1.47%.
During 2009, we took delivery of Oasis of the Seas. To finance the purchase, we drew in full $840.0 million and €€159.4 million
of an unsecured term loan which is 95% guaranteed by Finnvera, the official export credit agency of Finland. The loan amortizes over
12 years. With respect to 60% of the financing, the lenders have the ability to opt-out after six years. Approximately $420.0 million of
the facility is at a fixed interest rate of approximately 5.41% (inclusive of the applicable margin); approximately $420.0 million of the
facility is at a floating interest rate of LIBOR plus 3.00%, currently 3.58%; and approximately €€159.4 million of the facility is at a
floating rate of EURIBOR plus 2.25%, currently 3.27%.
During 2009, we entered into a credit agreement based on terms originally agreed to in August 2006 providing financing for
Celebrity Eclipse, which is scheduled for delivery in the second quarter of 2010. The credit agreement provides for an unsecured term
loan for up to 80% of the purchase price of the vessel which will be 95% guaranteed by Hermes, the official credit agency of
Germany and will be funded at delivery. The loan will have a 12-year life with semi-annual amortization, and will bear interest at
LIBOR plus a margin of 0.37%.
F-15
2009 2008
$1.225 billion unsecured revolving credit facility, LIBOR plus 1.05%, currently 1.33% and a facility
fee of 0.25%, due 2012
$650,000
$600,000
Unsecured senior notes and senior debentures, 6.88% to 11.88%, due 2010 through 2016, 2018 and
2027
2,784,552
2,520,575
€
€1.0 billion unsecured senior notes, 5.63%, due 2014
1,526,126
1,463,785
$300 million unsecured term loan, LIBOR plus 0.8%, currently 1.05%, due through 2010
50,000
200,000
Unsecured term loans, LIBOR plus 3.0%, currently 3.25%, due 2011
100,000
200,000
$225 million unsecured term loan, LIBOR plus 2.0%, currently 2.25%, due through 2012
96,390
128,543
$570 million unsecured term loan, 4.45%, due through 2013
285,000
366,429
$589 million unsecured term loan, 4.89%, due through 2014
378,643
462,786
$530 million unsecured term loan, LIBOR plus 0.72%, currently 1.32%, due through 2015
416,429
492,143
$519 million unsecured term loan, LIBOR plus 0.45%, currently 1.03%, due through 2020
475,884
519,146
$420 million unsecured term loan, 5.41%, due through 2021
420,000
—
$420 million unsecured term loan, LIBOR plus 3.0%, currently 3.58%, due through 2021
420,000
—
€
€159.4 million unsecured term loan, EURIBOR plus 2.25%, currently 3.27%, due through 2021
228,398
—
$524.5 million unsecured term loan, LIBOR plus 0.5%, currently 1.47%, due through 2021
524,500
—
$7.3 million unsecured term loan, 8.0%, due through 2022
6,868
6,179
Capital lease obligations
56,980
51,817
8,419,770
7,011,403
Less
—
current portion
(756,215)
(471,893)
Long-term portion
$7,663,555
$6,539,510
Correspond to the Oasis o
f
the Seas unsecured term loan. Facility is shown separately to illustrate different terms.
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