Ritz-Carlton Yacht Collection raises $300m in high-yield notes issue

IFR reported the rate as 11.875%.

The Ritz-Carlton Yacht Collection did not address specifics, including the rate and the term, but said in a statement to Seatrade Cruise News: 'This decision was made in a favorable market window, allowing us to further invest in our current business and future growth.'

Capital raise looking toward fourth and fifth newbuilds

As previously reported here, the second and third yachts, Ilma and Luminara, were already fully financed. The company had been looking to raise $200m to $400m to finance fourth and fifth newbuilds, which are in planning.

Joint book runners

Pareto Securities acted as lead joint book runner.

According to joint book runner DNB Markets, 'The offering attracted broad investor interest from a global investor base and was substantially oversubscribed.'

Ilma delivery imminent

The capital raise comes shortly before The Ritz-Carlton Yacht Collection is scheduled to take delivery on July 12 of Ilma, the first of a new design coming from Chantiers de l'Atlantic. Ilma's maiden voyage is set for Sept. 2, following several non-revenue cruises.

Sister vessel Luminara is due a year from now.

As recently reported, The Ritz-Carlton Yacht Collection will be branching out into Asia with the seasonal deployment of Luminara, starting in December 2025.