Royal Caribbean Cruise Lines 2014 Annual Report Download - page 84

Royal Caribbean Cruises Ltd. 83
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7. LONG-TERM DEBT
Long-term debt consists of the following (in thousands):
 
$1.1 billion unsecured revolving credit facility, LIBOR plus 1.75%, currently 1.92% and
a facility fee of 0.37%, due 2016    
$1.2 billion unsecured revolving credit facility, LIBOR plus 1.75%, currently 1.91% and
a facility fee of 0.37%, due 2018  
Unsecured senior notes and senior debentures, 5.25% to 11.88%, due 2015, 2016,
2018, 2022 and 2027  
€745 million unsecured senior notes, 5.63%, due 2014 — 
$589 million unsecured term loan, 4.47%, due through 2014 — 
$530 million unsecured term loan, LIBOR plus 0.51%, currently 0.83%, due through 2015  
$519 million unsecured term loan, LIBOR plus 0.45%, currently 0.77%, due through 2020  
$420 million unsecured term loan, 5.41%, due through 2021  
$420 million unsecured term loan, LIBOR plus 1.85%, currently 2.17%, due through 2021  
€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 1.77%, due through 2021  
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 0.83%, due through 2021  
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.69%, due through 2022  
$1.1 billion unsecured term loan, LIBOR plus 1.85%, currently 2.17%, due through 2022  
$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 0.73%, due through 2023  
$673.5 million unsecured term loan, LIBOR plus 0.40%, currently 0.73%, due through 2024  
$65.0 million unsecured term loan, LIBOR plus 2.12%, currently 2.29%, due through 2019  —
$1.0 million unsecured term loan, 3.00%, due through 2015  —
$380.0 million unsecured term loan, LIBOR plus 2.12%, currently 2.29%, due through 2018  —
$791.1 million unsecured term loan, LIBOR plus 1.30%, currently 1.62%, due through 2026  —
$290.0 million unsecured term loan, LIBOR plus 2.5%, currently 2.67%, due 2016  
€365 million unsecured term loan, EURIBOR plus 2.30%, currently 2.32%, due 2017  
$7.3 million unsecured term loan, LIBOR plus 2.5%, currently 2.82%, due through 2023  
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 3.99%, due through 2021  
Capital lease obligations  
 
Less—current portion () ()
Long-term portion    
In January 2014, we borrowed $380.0 million under
a previously committed unsecured term loan 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
was 2.12% as of December 31, 2014. The proceeds
of this loan were used to repay our €745.0 million
5.625% unsecured senior notes due January 2014.
In January 2014, we amended and restated our €365.0
million unsecured term loan due July 2017. Interest on
the amended facility accrues at a floating rate based
on EURIBOR plus a margin which varies with our credit
rating. The amendment reduced the margin, which at
our current credit rating resulted in a decrease from
3.00% to 2.30%. The amendment did not result in the
extinguishment of debt.
In March 2014, we amended our unsecured term loans
for Oasis of the Seas and Allure of the Seas primarily
to reduce the margins on those facilities and eliminate
the lenders option to exit those facilities in 2015 and
2017, respectively. The interest rate on the $420.0 mil-
lion floating rate tranche of the Oasis of the Seas term
loan was reduced from LIBOR plus 2.10% to LIBOR
plus 1.85%. The interest rate on the entire $1.1 billion
Allure of the Seas term loan was reduced from LIBOR
plus 2.10% to LIBOR plus 1.85%. These amendments
did not result in the extinguishment of debt.
During 2014, we took delivery of Quantum of the
Seas. To finance the purchase, we borrowed $791.1
million under a previously committed unsecured term
loan which is 95% guaranteed by Hermes. The loan
amortizes semi-annually over 12 years and bears inter-
est at LIBOR plus a margin of 1.30%, currently 1.62%.
In addition, during 2012, we entered into forward-
starting interest rate swap agreements which effec-
tively converted the floating rate available to us per
the credit agreement to a fixed rate, including the
applicable margin, of 3.74% effective October 2014
through the remaining term of the loan. See Note 14.
Fair Value Measurements and Derivative Instruments
for further information regarding these agreements.
During 2014, we increased the capacity of our unse-
cured revolving credit facility due August 2018 by
$300 million by utilizing the accordion feature, bring-
ing our total capacity under this facility to $1.2 billion
as of December 31, 2014. We also have a revolving
credit facility due July 2016 with capacity of $1.1 bil-
lion as of December 31, 2014, giving us an aggregate
revolving borrowing capacity of $2.3 billion.