New Issue: Royal Caribbean prices upsized $650 million 5¼% 10-year notes at par

By Paul A. Harris

Portland, Ore., Nov. 2 - Royal Caribbean Cruises Ltd. launched and priced an upsized $650 million issue of non-callable 10-year notes (Ba1/BB/) at par to yield 5¼% on Friday, according to a market source.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and RBS Securities Inc. were the joint bookrunners for the quick-to-market issue, which was upsized from $500 million.

JPMorgan will bill and deliver.

The Miami-based cruise company plans to use the proceeds to repay unsecured debt facilities.

Issuer:	Royal Caribbean Cruises Ltd.
Amount:	$650 million, increased from $500 million
Maturity:	Nov. 15, 2022
Securities:	Senior notes
Bill and deliver:	J.P. Morgan Securities LLC
Joint bookrunners:	JPMorgan, Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBS Securities Inc.
Senior co-managers:	BNP Paribas Securities Corp., DnB NOR Markets Inc., Scotia Capital (USA) Inc.
Co-managers:	BB&T Capital Markets, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Raymond James & Associates Inc., SEB AG, SMBC Nikko Capital Markets Ltd., U.S. Bancorp Investments Inc.
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	352 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Change-of-control put:	101%
Trade date:	Nov. 2
Settlement date:	Nov. 7
Ratings:	Moody's: Ba1
	Standard & Poor's: BB
Distribution:	SEC registered
Marketing:	Quick to market

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