Royal Caribbean Cruises today announced that it has entered into a $2.2 billion 364-day secured term loan facility, further enhancing the company’s liquidity position, according to a press release

The facility can be extended at the company’s option for an additional 364 days. The company has borrowed the full amount available under the term loan to further bolster its liquidity.

Including this new financing, the company has over $3.6 billion of liquidity comprised of cash deposits and its existing undrawn revolving credit facilities (net of outstanding commercial paper). In addition, the company has committed financing for all of its new ships on order.

“This is a period of unprecedented disruption for the cruise industry,” said Jason T. Liberty, executive vice president and CFO. “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.”

Morgan Stanley, J.P. Morgan, Bank of America, BNP Paribas and Goldman Sachs acted as joint lead arrangers and bookrunners on the secured term loan facility. Morgan Stanley is acting as an Administrative Agent and Collateral Agent on the facility. Perella Weinberg Partners LP served as financial advisor and Skadden Arps, Slate, Meagher & Flom LLP served as legal advisor to the company in connection with the secured term loan facility.