On Friday, RCL shares closed at $58.83, down 55 cents.
The company also closed its offering of $500m in 2.875% of convertible senior notes due 2023. Net proceeds were approximately $487.2m, after fees, commissions and expenses.
Stock underwriters
Morgan Stanley and BofA Securities acted as joint lead book-running managers for the stock offering. Citigroup, DNB Markets, Goldman Sachs, HSBC, JP Morgan and SEB also acted as book-running managers.
Royal Caribbean expects to use the net proceeds from the offering for general corporate purposes.
Convertible notes
The convertible senior notes will mature on Nov. 15, 2023, unless earlier converted, redeemed pursuant to a tax redemption or repurchased.
Royal Caribbean said a portion of the net proceeds from the offering will go toward repaying its 2.65% senior notes due 2020, with the remainder to be used for general corporate purposes.
William Blair's liquidity assessment
As earlier reported, brokerage William Blair estimated Royal Caribbean will have adequate liquidity following the stock and notes offerings — figuring in monthly cash burn and a 50% potential refund scenario for deposits for canceled voyages — to sustain operations for at least eight months in a zero-revenue environment.
