Royal Caribbean Cruise Lines 2013 Annual Report Download - page 86
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December 31, 2013 was €57.1 million, or approximately
$78.7 million based on the exchange rate at December
31, 2013. The facility bears interest at the rate of 9.54%
per annum, is payable over seven years, is 50% guar-
anteed by TUI AG and is secured by second mort-
gages on both of TUI Cruises’ ships, Mein Schiff 1 and
Mein Schiff 2. As of December 31, 2013, TUI Cruises’
bank loan discussed above had a remaining balance
of €135.0 million, or approximately $186.0 million
based on the exchange rate at December 31, 2013.
The bank loan amortizes quarterly and is secured by
first mortgages on both Mein Schiff 1 and Mein Schiff 2.
Based on current facts and circumstances, we do not
believe potential obligations under our guarantee of
TUI Cruises’ bank loan are probable.
During 2011 and 2012, TUI Cruises entered into con-
struction agreements with STX Finland to build its
first and second newbuild ships, scheduled for deliv-
ery in the second quarter of 2014 and the second
quarter of 2015. TUI Cruises has entered into credit
agreements for the financing of up to 80.0% of the
contract price of each ship. The remaining portion of
the contract price of the ships will be funded through
either TUI Cruises’ cash flows from operations and/or
loans and/or equity contributions from us and TUI
AG. The construction agreements for the ships include
certain restrictions on each of our and TUI AG’s ability
to reduce our current ownership interest in TUI Cruises
below 37.5% through the construction periods. In
addition, the credit agreements extend this restriction
through 2019.
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 1.91% and
a facility fee of 0.3675%, due 2016
$850 million unsecured revolving credit facility, LIBOR plus 1.75%, currently 1.92% and
a facility fee of 0.3675%, 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
$570 million unsecured term loan, 4.02%, due through 2013 —
$589 million unsecured term loan, 4.47%, due through 2014
$530 million unsecured term loan, LIBOR plus 0.51%, currently 0.87%, due through 2015
$519 million unsecured term loan, LIBOR plus 0.45%, currently 0.81%, due through 2020
$420 million unsecured term loan, 5.41%, due through 2021(1)
$420 million unsecured term loan, LIBOR plus 2.10%, currently 2.46%, due through 2021(1)
€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 1.92%, due through 2021(1)
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 0.90%, due through 2021
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.74%, due through 2022
$1.1 billion unsecured term loan, LIBOR plus 2.10%, currently 2.46%, due through 2022(2)
$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 0.80%, due through 2023
$673.5 million unsecured term loan, LIBOR plus 0.40%, currently 0.77%, due through 2024
$290.0 million unsecured term loan, LIBOR plus 2.5%, currently 2.67%, due 2016
€365 million unsecured term loan, EURIBOR plus 3.0%, currently 3.23%, due 2017 —
$7.3 million unsecured term loan, LIBOR plus 2.5%, currently 2.93%, 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
() 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 in
October 2015.
() 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 in
October 2017.
During 2013, we borrowed €365.0 million, or approxi-
mately $502.9 million based on the exchange rate
at December 31, 2013, under a previously committed
unsecured term loan facility. The proceeds of this loan
were used to repay amounts outstanding under our
unsecured revolving credit facilities.
During 2013, we amended and restated our $525.0
million unsecured revolving credit facility due Novem-
ber 2014. The amendment increased capacity under
this facility to $850.0 million, reduced the applicable
margin and fees and extended the termination date to
August 2018. Interest on the amended facility accrues
at a floating rate based on LIBOR plus the applicable
margin. The applicable margin and facility fee vary
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS