Royal Caribbean unit agrees 444 mln euro loan

A unit of U.S.-Norwegian cruise line Royal Caribbean Cruises Ltd has agreed a loan of up to 444 million euros ($562 mln) with Germany's KfW IPEX-Bank GmbH to finance a new vessel, Royal Caribbean said.
The company intends to use the proceeds of the loan towards the purchase of the fourth Solstice-class ship which is scheduled for delivery in the third quarter of 2011, the company said in a statement on Wednesday.
Miami-based Royal Caribbean unit Celebrity Solstice IV Inc agreed the 12-year unsecured loan with the German bank, which specialises in export and project financing, at a fixed interest rate of 5.82 percent, the company said.
Under certain circumstances, the interest may be converted to a floating rate of LIBOR plus the applicable margin upon payment of breakage costs, if any, it said.

Source: http://www.iii.co.uk