Royal Caribbean Group, the world’s second largest cruise shipping group, said it had extended the maturity of a term loan agreement with Bank of America.

“On September 19, 2022, we amended our unsecured term loan agreement with Bank of America, N.A., as administrative agent (the “BofA Term Loan”) to, among other things, extend the maturity date of advances held by consenting lenders by twelve months to October 2024,” the company said in a statement.

“Consenting lenders received a prepayment equal to 10% of their respective outstanding advances,” the company said.

Following this amendment, the aggregate outstanding principal balance of advances under the BofA Term Loan is $501.6 million, with $30.0 million maturing in October 2023 and $471.6 million maturing in October 2024, Royal Caribbean said.