Royal Caribbean Cruises Ltd. (RCCL), the world’s second largest cruise shipping company, said it has entered into an amendment to the credit agreement for the financing of Odyssey of the Seas in order to increase the maximum loan amount available under the facility. 

Odysseys of the Seas is under construction at Meyer Werft in Germany for Royal Caribbean International, the RCCL group's contemporary market unit. It is a Quantum class vessel of about 168,700 gross tons and due for delivery next month.

“This agreement, as amended, makes available to us a U.S. dollar-denominated loan guaranteed 95% by Euler Hermes Aktiengesellschaft (“Hermes”), the official export credit agency of Germany, in a maximum amount equal to the US dollar equivalent of 80% of the vessel purchase price plus 100% of the premium payable to Hermes,” the company said in a statement. 

There are no other changes to the other terms or conditions in the credit agreement as a result of the Odyssey Facility Amendment. “Certain of the lenders participating in the Odyssey Facility Amendment and affiliates of those parties, provide banking, investment banking and other financial services to us from time to time for which they have received, and will in the future receive, customary fees,” RCCL said.