Royal Caribbean Cruise Lines 2010 Annual Report Download - page 76

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ROYAL CARIBBEAN CRUISES LTD. 73
During 2010, we took delivery of Celebrity Eclipse.
To finance the purchase, we borrowed $566.1 million
under an unsecured term loan which is 95% guaran-
teed by Hermes, the official export credit agency of
Germany. The loan amortizes over 12 years and bears
interest at LIBOR plus a margin of 0.37%, currently
approximately 0.83%.
During 2010, we took delivery of Allure of the Seas.
To finance the purchase, we borrowed $1.1 billion
under an unsecured term loan which is 95% guaran-
teed by Finnvera, the official export credit agency of
Finland. The loan amortizes over 12 years and each of
the lenders has the ability upon proper notice to exit
the facility on the seventh anniversary of the credit
agreement. The loan bears interest at LIBOR plus a
margin of 2.20%, currently approximately 2.65%.
During 2010, we entered into a $525.0 million unse-
cured revolving credit facility bearing interest at
LIBOR plus a margin of 2.75% and a facility fee of
0.6875% due 2014.
During 2009, we entered into a credit agreement based
on terms originally agreed to in June 2007 providing
financing for Celebrity Silhouette which is scheduled
for delivery in the third quarter of 2011. 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 export
credit agency of Germany and will be funded at deliv-
ery. The loan will have a 12-year life with semi-annual
amortization, and will bear interest at our election
of either a fixed rate of 5.82% (inclusive of the appli-
cable margin) or a floating rate at LIBOR plus a
margin of 0.40%.
During 2008, we entered into a credit agreement
based on terms originally agreed to in April 2008
providing financing for Celebrity Reflection which is
scheduled for delivery in the fourth quarter of 2012.
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
export 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 our elec-
tion of either a fixed rate of 4.13% (inclusive of the
applicable margin) or a floating rate at LIBOR plus a
margin of 0.40%.
Under certain of our agreements, the contractual
interest rate and commitment fee vary with our
debt rating.
The unsecured senior notes and senior debentures are
not redeemable prior to maturity.
NOTE 7. LONG-TERM DEBT
Long-term debt consists of the following (in thousands):
 
$1.225 billion unsecured revolving credit facility, LIBOR plus 0.80%, currently 1.08% and
a facility fee of 0.20%, due June 2012   
$525 million unsecured revolving credit facility, LIBOR plus 2.75% and a facility fee of 0.6875%,
due 2014 ——
Unsecured senior notes and senior debentures, 6.88% to 11.88%, due 2011
through 2016, 2018 and 2027  
€1.0 billion unsecured senior notes, 5.63%, due 2014  
$300 million unsecured term loan, LIBOR plus 0.80%, due through 2010 — 
Unsecured term loan, LIBOR plus 3.0%, currently 3.29%, due 2011  
$225 million unsecured term loan, LIBOR plus 1.25%, currently 1.55%, due through 2012  
$570 million unsecured term loan, 4.20%, due through 2013  
$589 million unsecured term loan, 4.64%, due through 2014  
$530 million unsecured term loan, LIBOR plus 0.62%, currently 1.07%, due through 2015  
$519 million unsecured term loan, LIBOR plus 0.45%, currently 0.90%, due through 2020  
1$420 million unsecured term loan, 5.41%, due through 2021  
1$420 million unsecured term loan, LIBOR plus 3.0%, currently 3.45%, due through 2021  
1€159.4 million unsecured term loan, EURIBOR plus 2.25%, currently 3.50%, due through 2021  
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 1.23%, due through 2021  
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.83%, due through 2022  —
$1.1 billion unsecured term loan, LIBOR plus 2.20%, currently 2.65%, due through 2022  —
$7.3 million unsecured term loan, 7.0%, due through 2022  
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 4.04%, due through 2020  —
Capital lease obligations  
 
Less—current portion () ()
Long-term portion   
1 Correspond to Oasis of the Seas unsecured term loan. With respect to 60% of the financing, the lenders have the ability to exit the facility on the
sixth anniversary of the loan.