Royal Caribbean offers $1 billion in 2027 debt to help pay down some debt due this year and next
Royal Caribbean Group (RCL) said Monday it has launched a private offering of $1 billion in senior unsecured notes due 2027. The interest rates for the note has not yet been determined. The cruise operator said it plans to use the proceeds from the debt sale to pay down debt maturing in 2022 and/or 2023, and may temporarily use the proceeds to repay borrowings under its credit facilities pending the debt paydown. The company had $17.75 billion in long-term debt as of June 30. The company's credit is currently rated B at S&P Global Ratings, which is five notches below the investment grade threshold. The stock, which fell 2.5% in premarket trading, has tumbled 31.3% over the past three months through Friday while the S&P 500 has gained 6.4%.
(END) Dow Jones Newswires
August 15, 2022 09:12 ET (13:12 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.