Royal Caribbean (NYSE: RCL) this week took a big step toward shoring up its finances in the wake of a historic drop in ticket sales and passenger volumes. The cruise giant said on Monday it has secured a new $2.2 billion credit arrangement that it has since drawn down fully. The move puts the company's cash and equivalents at over $3.6 billion as of late March, management said in a press release. "This is a period of unprecedented disruption for the cruise industry," CFO Jason Liberty said. "We continue to take decisive actions to protect the company's financial and liquidity positions." Image source: Getty Images. Royal Caribbean had enjoyed robust demand growth in the quarters leading up to the COVID-19 health crisis. Management was expecting a record 2020 as recently as early February. But the company recently took its entire fleet offline to help with containment efforts related to the coronavirus outbreak. Management has said it is expecting to return its ships to service by mid-April, and this new loan provides financial flexibility to weather that temporary halt in sales. The new loan must be paid back in roughly one year but Royal Caribbean can extend the due date another year, if needed. 10 stocks we like better than Royal CaribbeanWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Royal Caribbean wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 18, 2020 Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source