Royal Caribbean Raises $1.5 Billion Through Senior Notes Offering to Finance New Ship Delivery and Refinance Debt
Royal Caribbean Cruises Ltd. has announced the completion of a significant new financing arrangement, issuing $1.5 billion in aggregate principal amount of 5.375% Senior Notes due 2036. The offering was finalized on October 1, 2025, with BofA Securities, Goldman Sachs, and Morgan Stanley acting as lead underwriters. Net proceeds from the notes, approximately $1.484 billion after fees and expenses, will be used to finance the upcoming delivery of the cruise ship _Celebrity Xcel_, replacing the company's previously committed export credit agency facility. Remaining funds are intended for the redemption, refinancing, or repurchase of existing debt, including outstanding amounts under Royal Caribbean's revolving credit facilities. Interest on the notes will be paid semi-annually, beginning January 15, 2026, with maturity set for January 15, 2036.
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