Royal Caribbean plans to redeem up to 40% of 11½% notes

Chicago, Aug. 11 – Royal Caribbean Cruises Ltd. announced that it plans to use new notes to redeem up to 40% of its 11½% senior notes due 2025, according to a press release.

The new notes will also be used to refinance future debt maturities.

The 11½% notes were sold in May of 2020. The issue size was $2.32 billion.

The bonds currently have a make-whole optional redemption with a premium of Treasuries plus 50 basis points and a first call date of June 1, 2022.

The new issue is expected to be in the mid-5% area.

The issuer is a Miami-based cruise holding company.

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