On December 18, 2019, Royal Caribbean Cruises Ltd. entered into a credit agreement for the financing of the third Icon-class ship for Royal Caribbean International, which is scheduled for delivery in the second quarter of 2025. The agreement makes available to Royal Caribbean Cruises Ltd. an unsecured US dollar-denominated term loan, the substantial majority of which is to be guaranteed 95% by Finnvera plc (Finnvera). Euler Hermes (Hermes), the official export credit agency of Germany, has also agreed to provide a 95% guarantee of a smaller portion of the financing. The maximum amount of the facility is equal to the US dollar equivalent of 80% of the vessel purchase price plus 100% of the guarantee premiums payable to Finnvera and Hermes. The loan, once funded, will amortize semi-annually and will mature twelve years following the delivery of the ship. Approximately 60% of the loan will accrue interest at a fixed rate of 3.29%. Approximately 30% of the loan will accrue interest at a floating rate of LIBOR plus 0.85%. At the election, the remainder of the loan will accrue interest at a fixed rate of 4.34% or at a floating rate of LIBOR plus 0.85%. The credit agreement contains customary events of default and prepayment events for, among other things, non-payment, breach of covenants, default on certain other indebtedness, certain large judgments and a change of control of the company.