Royal Caribbean group has two unsecured loans that were recently extended. Of the $3 billion that is still on the books, lenders granted an extension of one year into April of 2025 for $2.3 billion of that balance. The remaining $7 billion will still be due in April 2024.
Naftali Holtz, who is the chief financial officer for the company, attributes the extension to the “strong relationship with key lenders and their confidence in the Royal Caribbean Group.” The company was able to pay off over half a billion in debt in the fourth quarter of 2022 and they believe these moves will continue to methodically improve their balance sheet over the next couple of years.
Earlier this week financial analysts at Morgan Stanley upgraded Royal Caribbean Cruises from and “underweight” rating to an “equal weight” rating based on the above news and continuously improving reservation books.
RCL Stock is currently up 13.64% from 5 days ago.