Royal Caribbean announces upsizing and pricing of $1.5B debt offering via issuance of senior notes

Royal Caribbean (NYSE:RCL) has priced its private offering of $1.5 billion principal amount of 5.625% senior unsecured notes due 2031.
The offering was increased from the previously announced offering size of $1.0 billion.
The notes will mature on September 30, 2031.
The firm expects to use the proceeds to redeem and/or repay its indebtedness. This includes the redemption of all of its outstanding 7.250% senior notes due in 2030, after which the firm will have no remaining guaranteed indebtedness.
The firm also intends to use the proceeds to repay in full all outstanding obligations under its Silver Dawn finance lease.
After such uses, the firm may apply some of the proceeds to temporarily repay borrowings under its revolving credit facilities.
The notes are expected to be issued on or around September 26, 2024.

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