Royal Caribbean Group today announced that it has secured a binding commitment from Morgan Stanley for a $700 million term loan facility.

The company said it may draw on the facility at any time prior to August 12, 2021. Once drawn, the loan will bear interest at L + 3.75% and will mature 364 days from funding.

The facility will be guaranteed by RCI Holdings, LLC, a wholly owned subsidiary of the company that owns the equity interests in subsidiaries that own seven of the company’s vessels. The company has the ability to increase the capacity of the facility by an additional $300 million from time to time subject to the receipt of additional or increased commitments and the issuance of guarantees from additional subsidiaries of the Company. If drawn, the company expects to use the net proceeds for general corporate purposes.

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 term loan facility.