The 2023 notes will mature on June 1 that year while the 2025 notes will mature on June 1, 2025, and are redeemable at the company's option beginning June 1, 2022.
The offering is the latest action by the company to shore up liquidity in the COVID-19 no-revenue environment.
Proceeds repaid 364-day term loan
Net proceeds of the offering were used to repay RCL's $2.35bn, 364-day senior secured term loan agreement with Morgan Stanley Senior Funding as the administrative agent and collateral agent and the other lenders in facility entered into on March 23, The remainder of the net proceeds are expected to go to general corporate purposes, which may include additional debt repayments.
Secured by 28 ships and intellectual property
The notes and the related guarantees will be secured by 28 ships and material intellectual property. The offering is being made to qualified institutional buyers outside the US.