Royal Caribbean Group announces proposed offering of senior unsecured notes to refinance certain series of its senior notes due 2029
Royal Caribbean Cruises (NYSE: RCL) has announced a private offering of $1.5 billion in senior unsecured notes due 2033. The company plans to use the proceeds, along with borrowings from its revolving credit facilities, to redeem all outstanding 9.250% Senior Notes due 2029 and a portion of its 8.250% Senior Secured Notes due 2029. This refinancing move aims to restructure the company's debt obligations.
The Notes are being offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. persons under Regulation S. They will not be registered under the Securities Act or state securities laws, limiting their transferability. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor does it serve as a notice of redemption for the existing notes.
Royal Caribbean Cruises (NYSE: RCL) ha annunciato un emissione privata di 1,5 miliardi di dollari in note senior non garantite con scadenza nel 2033. L'azienda intende utilizzare i proventi, insieme ai prestiti dalle sue linee di credito rotativo, per riscattare tutte le note senior al 9,250% in scadenza nel 2029 e una parte delle sue note senior garantite al 8,250% in scadenza nel 2029. Questa operazione di rifinanziamento ha l'obiettivo di ristrutturare le obbligazioni di debito dell'azienda.
Le note sono offerte esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A del Securities Act e a determinate persone non statunitensi ai sensi del Regolamento S. Non saranno registrate ai sensi del Securities Act o delle leggi sui titoli statali, limitando la loro trasferibilità. Questo annuncio non costituisce un'offerta di vendita né una sollecitazione a fare un'offerta per acquistare le note, né funge da avviso di riscatto per le note esistenti.
Royal Caribbean Cruises (NYSE: RCL) ha anunciado una oferta privada de 1.5 mil millones de dólares en notas senior no garantizadas con vencimiento en 2033. La compañía planea utilizar los ingresos, junto con préstamos de sus líneas de crédito rotativas, para redimir todas las notas senior al 9.250% que vencen en 2029 y una parte de sus notas senior garantizadas al 8.250% con vencimiento en 2029. Este movimiento de refinanciamiento tiene como objetivo reestructurar las obligaciones de deuda de la compañía.
Las notas se ofrecen exclusivamente a compradores institucionales calificados bajo la Regla 144A de la Ley de Valores y a ciertas personas no estadounidenses bajo el Reglamento S. No serán registradas bajo la Ley de Valores ni las leyes de valores estatales, limitando su transferibilidad. Este anuncio no constituye una oferta de venta ni una solicitud de oferta para comprar las notas, ni sirve como aviso de redención para las notas existentes.
로얄카리비안크루즈(뉴욕증권거래소: RCL)는 2033년 만기를 가진 15억 달러 규모의 비담보 선순위 노트에 대한 사모 공모를 발표했습니다. 이 회사는 수익금과 회전 신용 대출에서 자금을 조달하여 2029년 만기 9.250% 선순위 노트 전체와 2029년 만기 8.250% 담보 선순위 노트 일부를 상환할 계획입니다. 이 재정상환 조치는 회사의 채무 의무를 재구성하려는 목적을 가지고 있습니다.
노트는 증권법 제144A 조항에 따라 자격 문서된 기관 투자자에게만 독점적으로 제공되며, 규정 S에 따라 특정 비미국인에게 제공됩니다. 이 노트는 증권법이나 주 증권법에 등록되지 않아 양도가 제한됩니다. 이 발표는 노트를 판매하겠다는 제안이나 노트를 구매할 제안 요청으로 간주되지 않으며, 기존 노트의 상환 통지로도 기능하지 않습니다.
Royal Caribbean Cruises (NYSE: RCL) a annoncé une offre privée de 1,5 milliard de dollars en obligations senior non garanties arrivant à échéance en 2033. La société prévoit d'utiliser les produits, ainsi que des emprunts de ses lignes de crédit renouvelables, pour racheter toutes les obligations senior à 9,250% arrivant à échéance en 2029 et une partie de ses obligations senior sécurisées à 8,250% arrivant à échéance en 2029. Ce mouvement de refinancement vise à restructurer les obligations de dette de l'entreprise.
Les obligations sont proposées exclusivement à des acheteurs institutionnels qualifiés en vertu de la règle 144A de la loi sur les valeurs mobilières et à certaines personnes non américaines en vertu de la réglementation S. Elles ne seront pas enregistrées en vertu de la loi sur les valeurs mobilières ou des lois sur les valeurs mobilières des États, limitant ainsi leur transférabilité. Cet annonce ne constitue pas une offre de vente ni une sollicitation d'offre pour acheter les obligations, ni ne sert d'avis de rachat pour les obligations existantes.
Royal Caribbean Cruises (NYSE: RCL) hat eine private Platzierung von 1,5 Milliarden US-Dollar in unbesicherten vorrangigen Anleihen mit Fälligkeit im Jahr 2033 angekündigt. Das Unternehmen plant, die Erlöse zusammen mit Darlehen aus seinen revolvierenden Kreditlinien zu verwenden, um alle ausstehenden 9,250% vorrangigen Anleihen mit Fälligkeit 2029 und einen Teil seiner 8,250% vorrangigen besicherten Anleihen mit Fälligkeit 2029 zurückzukaufen. Dieser Refinanzierungsschritt zielt darauf ab, die verbalisierten Schulden des Unternehmens umzustrukturieren.
Die Anleihen werden ausschließlich qualifizierten institutionellen Käufern gemäß Regel 144A des Wertpapiergesetzes und bestimmten Nicht-US-Personen gemäß Regulation S angeboten. Sie werden nicht unter dem Wertpapiergesetz oder den Staatswertpapiergesetzen registriert, was ihre Übertragbarkeit einschränkt. Diese Bekanntmachung stellt kein Angebot zum Verkauf oder eine Aufforderung zum Kauf der Anleihen dar, noch fungiert sie als Abkündigung für die bestehenden Anleihen.
- Refinancing of high-interest debt with potentially lower-interest notes
- Potential improvement in debt structure and maturity profile
- Increase in total debt by $1.5 billion
- Reliance on additional borrowings from revolving credit facilities
Insights
Royal Caribbean's proposed
- Interest Expense Reduction: The new notes, likely to carry a lower interest rate than the existing
9.250% and8.250% notes, could substantially reduce annual interest expenses. - Maturity Extension: By replacing notes due in 2029 with ones maturing in 2033, Royal Caribbean is effectively pushing out its debt maturity profile, providing more financial flexibility.
- Liquidity Enhancement: The use of revolving credit facilities in conjunction with the new notes suggests a comprehensive approach to optimize the capital structure.
However, investors should note that this refinancing doesn't reduce the overall debt burden. The cruise industry's recovery trajectory and Royal Caribbean's ability to generate sufficient cash flow to service this debt remain important factors to monitor.
This refinancing move by Royal Caribbean reflects broader trends in the cruise industry and capital markets:
- Industry Recovery Signal: The ability to issue unsecured notes suggests improving investor confidence in the cruise sector's recovery prospects.
- Interest Rate Environment: Royal Caribbean is likely capitalizing on the current interest rate environment before potential future rate hikes.
- Investor Appetite: The offering's success will be a barometer for investor sentiment towards the travel and leisure sector.
It's worth noting that this private offering is to qualified institutional buyers and certain non-U.S. persons, indicating a targeted approach to sophisticated investors. The market's reception to this offering could influence future capital raising activities in the cruise and broader travel industry.
The Company intends to use the proceeds from the sale of the Notes, together with borrowings under the Company's revolving credit facilities, to redeem all of its outstanding
The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release shall not constitute a notice of redemption with respect to either of the Company's
Special Note Regarding Forward-Looking Statements
Certain statements in this press release relating to, among other things, the offering and sale of the Notes constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding terms of the offering of the Notes and the intended use of proceeds. Words such as "anticipate," "believe," "considering," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would" and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, but they are based on judgments and are inherently uncertain. Furthermore, they are subject to risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment on key aspects of the Company's business, such as the demand for cruises, passenger spending, and operating costs; changes in operating and financing costs; the unavailability or cost of air service; adverse events such as terrorist attacks, war and other similar events; disease outbreaks and an increase in concern about the risk of illness on the Company's ships or when traveling to or from the Company's ships, all of which could reduce demand; incidents or adverse publicity concerning the Company's ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, natural disasters and seasonality on the Company's business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; vacation industry competition and changes in industry capacity and overcapacity; unavailability of ports of call; an inability to source the Company's crew or the Company's provisions and supplies from certain places; the uncertainties of conducting business internationally and expanding into new markets and new ventures; the Company's ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the Company's indebtedness, any additional indebtedness the Company may incur and restrictions in the agreements governing the Company's indebtedness that limit the Company's flexibility in operating its business; changes in foreign travel policy of
Forward-looking statements should not be relied upon as predictions of actual results. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to the Company on the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 68 ships across its five brands traveling to approximately 1,000 destinations. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean International, Celebrity Cruises, and Silversea; and expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns
Investor Relations contact: Blake Vanier
Email: bvanier@rccl.com
Media contact: Melissa Castro
Email: corporatecommunications@rccl.com
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SOURCE Royal Caribbean Group
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