Moody's rates Royal Caribbean notes B2

Moody's Investors Service said it assigned a B2 rating to Royal Caribbean Cruises Ltd.'s planned issuance of $1.25 billion of seven-year unsecured notes.

Royal Caribbean’s other ratings are unchanged, including its B1 corporate family rating, B1-PD probability of default rating, Ba2 senior secured rating, and B2 senior unsecured rating. The company's ratings remain on review for downgrade, including the B2 rating on the proposed unsecured note issuance, Moody’s said.

Proceeds will be used primarily to repay debt and add cash to the balance sheet for other debt maturities.

“Along with this transaction, the company plans to amend and extend its current unsecured $1.55 billion revolver - due October 2022 and its $1 billion unsecured term loan due April 2022 by extending each of these maturities by 18 months and using a portion of the note proceeds to reduce the commitments and pay down 20% of the outstanding amounts held by consenting lenders for each facility,” the agency said in a press release.

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