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Royal Caribbean plans $1.15bn commercial paper program

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Royal Caribbean Cruises Ltd. established a program to issue short-term, unsecured commercial paper notes, with the aggregate principal amount not to exceed $1.15bn.

Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The notes will have maturities of up to 397 days from the date of issue.

Backed by RCL's revolving credit facilities

In a filing, RCL said it plans to use the company's revolving credit facilities as a liquidity backstop for the repayment of the notes.

The notes will not be registered under the US Securities Act or any state securities laws, and may not be offered or sold in the US without registration or an applicable exemption from the registration requirements of the Securities Act and state laws.

See also 'Moody's upgrades RCL, assigns prime rating to commercial paper program'