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Royal Caribbean prices upsized $1.25b notes offering

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Royal Caribbean Group priced its upsized $1.25b private offering of 6.25% senior unsecured notes due 2032.

The offering was upsized from $1b.

The notes are expected to be issued on or around March 7.

Proceeds to redeem higher-cost notes

Royal Caribbean intends to use the proceeds, together with cash on hand and/or borrowings under its revolving credit facilities, to redeem all of the outstanding 11.625% senior notes due 2027.

The notes are being offered only to qualified institutional investors outside the US.