RCCL extends cruising pause to May 12

Royal Caribbean Cruises Ltd.’s four brands extended their
sailing suspension through May 12 because of global public health
circumstances. 

RCCL’s brands are Royal Caribbean, Celebrity, Azamara and
Silversea.

“We expect to return to service on May 12, 2020. Because of
announced port closures, we expect to return to service for Alaska, Canada and
New England sailings July 1, 2020,” RCCL said in a statement, adding that it is
working with passengers and crew to sort out any issues this decision presents.

RCCL had said on March 13 that it expected to return to
service on April 11.

Costa Cruises this week also extended its voluntary
suspension, through April 30.

RCCL also has entered into a $2.2 billion, 364-day secured
term loan facility to enhance its liquidity. The company has the option of
extending the facility for an additional 364 days.  

With the new financing, RCCL said it has more than $3.6
billion of liquidity comprised of cash deposits and its existing undrawn
revolving credit facilities. 

The company said it has committed financing for all new
ships on order.

CFO Jason Liberty said in a statement that given the unprecedented
disruption in the industry, “’We continue to take decisive actions to protect
the company’s financial and liquidity positions as they enable us to keep
focused on our guests, our crew and our long-term plans.”

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