Royal Caribbean driving by with $1 billion three-year bullet notes; initial talk high 9%-10% area

By Paul A. Harris

Portland, Ore., June 4 – Royal Caribbean Cruises Ltd. plans to price $1 billion of three-year senior guaranteed bullet notes in a Thursday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the high 9% to 10% area, a trader said.

J.P. Morgan Securities LLC is managing the Rule 144A and Regulation S notes sale.

The Miami-based cruise vacation company plans to use the proceeds for general corporate purposes, which may include debt repayment.

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