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Royal Caribbean to offer $900 million in convertible bonds due 2025


Royal Caribbean Group

said Monday it has commenced a private offering of $900 million of senior convertible bonds that mature in 2025. The company said it would grant the initial purchasers an option to purchase up to $135 million more in convertible bonds. “The purpose of the offering is to replace some of the existing near-term maturities of convertible bonds with new longer-term convertible bonds in a manner which is non-dilutive to shareholders as described below,” said Naftali Holtz, Chief Financial Officer of Royal Caribbean Group. The company will repurchase part of its 2.875% notes due Nov. 15, 2023, and 4.25% convertible bonds due June 15, 2023. Shares were down 2.5% premarket and have fallen 50% in the year to date, while the S&P 500

has fallen 13%.

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