This excerpt taken from the RCL 10-K filed Feb 28, 2007.
Jewel of the Seas in 2004 as well as progress payments for ships under construction in all years. The increase in net cash used in investing activities was also driven by the purchase of Pullmantur which resulted in a cash outlay of approximately $558.9 million.
Net cash provided by financing activities was $879.7 million in 2006 compared to net cash used in financing activities of $1.5 billion in 2005 and $146.0 million in 2004. The increase in 2006 was primarily due to net proceeds from debt issuances of approximately $2.9 billion including net proceeds of approximately $890.5 million from a public offering consisting of $550.0 million of 7.0% senior unsecured notes due 2013, and $350.0 million of 7.25% senior unsecured notes due 2016. In addition, in connection with the financing of Freedom of the Seas, we entered into and drew in full a $570.0 million unsecured term loan with an interest rate of 3.77% due through 2013. We also obtained a 750.0 million, or approximately $960.5 million, unsecured short-term bridge loan to finance the acquisition of Pullmantur on which we drew 701.0 million, or approximately $925.1 million. Net cash provided by financing activities was partially offset by payments on various term loans, senior notes, revolving credit facilities and capital leases totaling approximately $1.8 billion in 2006 compared to $1.6 billion and $361.4 million in 2005 and 2004, respectively. Debt repayments in 2006 included approximately $529.6 million toward unsecured debt, $409.4 million in connection with the repurchase of our LYONs, $345.9 million of debt repaid in connection with the acquisition of Pullmantur, $260.0 million towards our $1.0 billion revolving credit facility and $237.4 million towards loans secured by certain Celebrity ships. We also purchased 4.6 million shares of our common stock in 2006 from an investment bank at a price of $35.99 per share as part of an ASR transaction. Total consideration paid to repurchase such shares, including commissions and other fees, was approximately $164.6 million. The forward sale agreement matured in 2006. During the term of the forward sale agreement, the investment bank purchased shares of our common stock in the open market to settle its obligation related to the shares borrowed from third parties and sold to us. The shares were recorded in shareholders equity as a component of treasury stock (see Note 7. Shareholders Equity). Also in 2006 we drew $570.0 million on our revolving credit facility. In 2005, we drew $200.0 million on unsecured variable rate term loans due 2010 and $190.0 million on our revolving credit facility. In 2004, we drew $225.0 million on an unsecured variable rate term loan due 2006 through 2012. During 2006, 2005 and 2004, we received $23.0 million, $22.0 million and $98.3 million, respectively, in connection with the exercise of common stock options and we paid cash dividends on our common stock of $124.5 million, $118.8 million and $104.5 million, respectively. In 2006, we called for redemption all of our outstanding zero coupon convertible notes due May 18, 2021. Most holders of the notes elected to convert them into shares of our common stock, rather than redeem them for cash, resulting in the issuance of approximately 4.1 million shares during the redemption period. Net Debt-to-Capital increased to 46.6% in 2006 compared to 42.0% in 2005. Similarly, our Debt-to-Capital ratio increased to 47.1% in 2006 from 42.8% in 2005.
Interest capitalized during 2006 increased to $27.8 million from $17.7 million in 2005 primarily due to a higher average level of investment in ships under construction and to a lesser extent higher interest rates.
This excerpt taken from the RCL 10-K filed Feb 24, 2006.
Jewel of the Seas in 2004. The increase in capacity was partially offset by the cancellation of 54 days of sailings in 2004 due to hurricanes and unscheduled drydocks. The increase in Net Yields was primarily due to higher cruise ticket prices, occupancy levels and amounts spent per passenger onboard. These increases were primarily attributable to improved consumer sentiment towards leisure travel. In 2003, we experienced lower cruise ticket prices due to consumer apprehension towards travel prior to and during the war in Iraq and economic uncertainty. Occupancy in 2004 was 105.7% compared to 103.2% in 2003. Gross Yields increased 9.1% in 2004 compared to 2003 primarily due to the same reasons discussed above for Net Yields.
Onboard and other revenues included concession revenues of $196.3 million and $163.0 million in 2004 and 2003, respectively, which increased in 2004 primarily due to the same reasons discussed above for Net Revenues.
This excerpt taken from the RCL 10-Q filed Nov 3, 2005.
Jewel of the Seas.
Interest capitalized during the first nine months of 2005 increased to $11.8 million from $4.7 million for the same period in 2004 due to a higher average level of investment in ships under construction.
In July 2005, First Choice redeemed in full its 6.75% convertible preferred shares. We received $348.1 million in cash, resulting in a net gain of $44.2 million, primarily due to foreign exchange.
During the first nine months of 2005, we drew the full amount of a five-year, $100.0 million unsecured term loan facility and made payments on various loan facilities and capital leases of approximately $921.4 million. In addition, we paid $335.8 million in connection with the exercise of purchase options on our capital lease obligations for
This excerpt taken from the RCL 10-Q filed Jul 27, 2005.
Jewel of the Seas.
Interest capitalized during the first six months of 2005 increased to $7.3 million from $3.4 million for the same period in 2004 due to a higher average level of investment in ships under construction.
During the first six months of 2005, we made payments on various loan facilities of approximately $900.5 million. During the first six months of 2005, we received $15.3 million in connection with the exercise of common stock options and we paid quarterly cash dividends on our common stock of $54.8 million.
This excerpt taken from the RCL 10-Q filed Apr 26, 2005.
Jewel of the Seas in April 2004. Occupancy in the first quarter of 2005 was 105.7% compared to 104.2% for the same period in 2004. Gross Yields increased 6.5% in the first quarter of 2005 compared to 2004 primarily due to the same reasons discussed above for Net Yields.
Onboard and other revenues included concession revenues of $51.4 million and $46.8 million in the first quarters of 2005 and 2004, respectively, which increased in the first quarter of 2005 primarily due to the same reasons discussed above for net revenues.
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