Royal Caribbean Cruises to price $1.25 billion seven-year bullet notes in Wednesday drive-by

By Paul A. Harris

Portland, Ore., March 24 – Royal Caribbean Cruises Ltd. expects to price $1.25 billion of seven-year senior bullet notes in a drive-by following a Wednesday morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the high 5% to 6% area, a trader said.

BofA Securities Inc. is the left bookrunner. Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Scotia Capital (USA) Inc., DNB, SMB, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Truist Securities Inc. are the senior joint bookrunners. Mizuho Securities USA Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., R. Seelaus & Co. Inc., Santander Investment Securities Inc., PNC Capital Markets LLC and BNP Paribas Securities Corp. are the junior joint bookrunners.

ICBC Standard Bank plc, SEB, Regions Securities LLC, SG Americas Securities LLC, CIBC World Markets Corp., IMI, Academy Securities Inc. and DZ Financial Markets LLC are the co-managers.

The Rule 144A and Regulation S notes become callable at par six months prior to maturity but are otherwise non-callable.

The Miami-based cruise vacation company plans to use the proceeds to make principal payments on debt maturing or required to be paid in 2021 and 2022, with the remaining proceeds to be used for general corporate purposes.

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