Royal Caribbean Cruise Lines 2013 Annual Report Download - page 87
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
with our debt rating. Under the amended facility, we
have the ability to increase the capacity of the facility
by an additional $300.0 million from time to time sub-
ject to the receipt of additional or increased lender
commitments. In addition, during 2013 we increased
the capacity of our unsecured revolving credit facility
due July 2016 by $20.0 million, bringing our total
capacity under this facility to $1.1 billion. Accordingly,
as of December 31, 2013, we have an aggregate revolv-
ing borrowing capacity of $2.0 billion.
In August 2013, we entered into a delayed draw credit
agreement which provides an unsecured term loan
facility in an amount up to $380.0 million. During
January 2014, we fully drew on this facility. The loan is
due and payable at maturity in August 2018. Interest
on the loan accrues at a floating rate based on LIBOR
plus the applicable margin. The applicable margin
varies with our debt rating and would have been 2.12%
as of December 31, 2013. In addition, as of December
31, 2013, we are subject to a commitment fee of 0.37%
per annum of the undrawn amount. The proceeds
from this loan facility were used towards our bond
maturity in January 2014.
During 2013, we repurchased $21.0 million of our
11.875% unsecured senior notes due 2015. Total con-
sideration paid in connection with the repurchase,
including premium and related fees and expenses, was
$24.9 million. During 2012, we repurchased €255.0
million or approximately $328.0 million in aggregate
principal amount of our €1.0 billion 5.625% unsecured
senior notes due 2014 through a debt tender offer
conducted outside of the United States. Total con-
sideration paid in connection with the tender offer,
including premium and related fees and expenses
was $344.6 million. The repurchase of the unsecured
senior notes resulted in losses on the extinguishment
of debt of approximately $4.2 million and $7.5 million
in 2013 and 2012, respectively, which were recognized
in earnings immediately.
In December 2013, we entered into a delayed draw
credit agreement which provides an unsecured term
loan facility in an amount up to $65.0 million. The
loan is due and payable at maturity in December 2019.
Interest on the loan accrues at a floating rate based
on LIBOR plus the applicable margin. The applicable
margin varies with our debt rating and would have
been 2.12% as of December 31, 2013. In addition, as
of December 31, 2013, we are subject to a commit-
ment fee of 0.37% per annum of the undrawn amount.
As of the date of this filing, we have not drawn on
this facility.
Certain of our unsecured ship financing term loans
are guaranteed by the export credit agency in the
respective country in which the ship is constructed.
In consideration for these guarantees, depending on
the financing arrangement, we pay to the applicable
export credit agency fees that range from either
(1) 0.88% to 1.48% per annum based on the outstand-
ing loan balance semi-annually over the term of the
loan (subject to adjustment under certain of our facili-
ties based upon our credit ratings) or (2) an upfront
fee of approximately 2.3% to 2.37% of the maximum
loan amount. We amortize the fees that are paid
upfront over the life of the loan and those that are paid
semi-annually over each respective payment period.
We classify these fees within Debt issuance costs in
our consolidated statements of cash flows and within
Other assets in our consolidated balance sheets.
Under certain of our agreements, the contractual
interest rate, facility fee and/or export credit agency
fee vary with our debt rating.
The unsecured senior notes and senior debentures
are not redeemable prior to maturity, except that cer-
tain series may be redeemed upon the payment of a
make-whole premium.
Following is a schedule of annual maturities on long-
term debt including capital leases as of December 31,
2013 for each of the next five years (in thousands):
Year
Thereafter
NOTE 8. SHAREHOLDERS’ EQUITY
In December 2013, we declared a cash dividend on
our common stock of $0.25 per share which was paid
in the first quarter of 2014. We declared a cash divi-
dend on our common stock of $0.25 per share during
the third quarter of 2013 which was paid in the fourth
quarter of 2013. We declared and paid a cash dividend
on our common stock of $0.12 per share during the
first and second quarters of 2013.
During the fourth quarter of 2012, we declared a cash
dividend on our common stock of $0.12 per share
which was paid in the first quarter of 2013. We declared
a cash dividend on our common stock of $0.12 per
share during the third quarter of 2012 which was paid
in the fourth quarter of 2012. We declared and paid
a cash dividend on our common stock of $0.10 per
share during the first and second quarters of 2012.
During the first quarter of 2012, we also paid a cash
dividend on our common stock of $0.10 per share
which was declared during the fourth quarter of 2011.