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Royal Caribbean prices upsized $1.25b senior unsecured notes

Royal Caribbean Group priced its private offering of $1.25b of 11.625% senior unsecured notes due 2027.

The offering was upsized from $1b.

Use of proceeds

The company intends to use the proceeds to repay principal on debt maturing in 2022 and/or 2023. Pending such uses, Royal Caribbean may temporarily apply the proceeds to repay borrowings under its revolving credit facilities or other borrowings.

The notes are being offered only to qualified institutional investors outside the US and are expected to be issued on or around Aug. 18.


Closely follows convertible senior notes offering

This follows the Aug. 8 closing of an upsized offering of $1.15b in 6% convertible senior notes due 2025 whose proceeds were used to buy back certain convertible notes due in 2023.

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