By Paul A. Harris
St. Louis, Nov. 18 - Royal Caribbean Cruises Ltd. sold a quick-to-market offering of $350 million of senior notes due Dec. 1, 2013 (Ba2/BB+) at par Tuesday to yield 6 7/8%, according to a syndicate source.
Price talk was for a yield of 6¾%-7%.
Citigroup, Credit Suisse First Boston, Goldman, Sachs & Co. and Morgan Stanley were bookrunners for the off-the-shelf deal.
Royal Caribbean will use proceeds for general corporate purposes, including capital expenditures, to repay its revolver and to enhance the company's overall liquidity position.
The issuer is a Miami, Fla.-based vacation cruise company.
| Issuer: | Royal Caribbean Cruises Ltd.
|
| Amount: | $350 million
|
| Maturity: | Dec. 1, 2013
|
| Security description: | Senior notes
|
| Bookrunners: | Citigroup, Credit Suisse First Boston, Goldman, Sachs & Co., Morgan Stanley
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 274 basis points
|
| Calls: | Non-callable
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Price talk: | 6¾%-7%
|
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