Royal Caribbean Cruise Lines 2011 Annual Report Download - page 84

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2011 ANNUAL REPORT 80
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7. LONG-TERM DEBT
Long-term debt consists of the following (in thousands):
 
$875.0 million unsecured revolving credit facility, LIBOR plus 2.00%, currently 2.28% and
a facility fee of 0.42%, due 2016   
$525.0 million unsecured revolving credit facility, LIBOR plus 2.75%, currently 3.04% and
a facility fee of 0.6875%, due 2014  —
Unsecured senior notes and senior debentures, 6.88% to 11.88%, due 2013 through 2016,
2018 and 2027  
€1.0 billion unsecured senior notes, 5.63%, due 2014  
Unsecured term loans, LIBOR plus 2.75%, currently 3.05%, due 2013  
$225 million unsecured term loan, LIBOR plus 1.25%, currently 1.55%, due 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 1.21%, due through 2015  
$519 million unsecured term loan, LIBOR plus 0.45%, currently 1.05%, due through 2020  
1$420 million unsecured term loan, 5.41%, due through 2021  
$420 million unsecured term loan, LIBOR plus 2.10%, currently 2.71%, due through 2021  
1€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 3.37%, due through 2021  
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 0.92%, due through 2021  
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.96%, due through 2022  
2$1.1 billion unsecured term loan, LIBOR plus 2.10%, currently 2.71%, due through 2022  
$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 0.81%, due through 2023  —
$7.3 million unsecured term loan, LIBOR plus 2.5%, currently 2.96%, due through 2023 (7.0%,
due through 2022 as of December 31, 2010)  
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 4.29%, due through 2021
(due through 2020 as of December 31, 2010)  
Capital lease obligations  
 
Less—current portion () ()
Long-term portion   
1 Corresponds 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.
2 Corresponds to Allure of the Seas unsecured term loan. With respect to 100% of the financing, the lenders have the ability to exit the facility on the
seventh anniversary of the loan.
During 2011, we took delivery of Celebrity Silhouette.
To finance the purchase, we borrowed $632.0 million
under our previously committed unsecured term
loan which is 95% guaranteed by Euler Hermes
Kreditversicherungs AG (“Hermes”), the official
export credit agency of Germany. The loan amortizes
semi-annually over 12 years and bears interest at LIBOR
plus a margin of 0.40%, currently approximately 0.81%.
During 2011, we amended and restated our $1.225 bil-
lion unsecured revolving credit facility which was due
to expire in June 2012. We have extended the termi-
nation date through July 2016 and reduced the facility
amount to $875.0 million. Under the amended facility,
advances currently bear interest at LIBOR plus a mar-
gin of 2.00%, currently approximately 2.28%, and we
are required to pay a facility fee of 0.42% per annum
as compared to LIBOR plus 0.80% and a facility fee
of 0.20%, as of December 31, 2010.
During 2011, we amended our unsecured term loans
for Oasis of the Seas and Allure of the Seas primarily
to reduce the margins on those facilities. The interest
rates on the Oasis of the Seas term loan were reduced
from LIBOR plus 3.00% to LIBOR plus 2.10%, on the
$420.0 million floating rate tranche and from EURIBOR
plus 2.25% to EURIBOR plus 1.58%, on the €159.4 mil-
lion floating rate tranche. The interest rate on the entire
$1.1 billion Allure of the Seas term loan was reduced
from LIBOR plus 2.20% to LIBOR plus 2.10%, currently
approximately 2.71%. In addition, we prepaid $200
million of the Allure of the Seas term loan. We partially
funded the prepayment by extending the maturity
date of our $100.0 million unsecured floating rate term
loan from September 2011 to September 2013. In addi-
tion, the interest rate on the term loan was reduced
from LIBOR plus 3.00% to LIBOR plus 2.75%.
During 2011, we entered into credit agreements for
the financing of the first and second of a new genera-
tion of Royal Caribbean International cruise ships,
known as “Project Sunshine,” which are scheduled
for delivery in the third quarter of 2014 and in the
second quarter of 2015, respectively. Refer to Note 15.
Subsequent Events for information on our recent order