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Royal Caribbean to use public debt offerings and/or bank debt to fund LYONs redemption
By Sara Rosenberg
New York, May 31 - Royal Caribbean Cruises Ltd. plans on using proceeds from public debt offerings and/or bank financing to fund the redemption of its Liquid Yield Option Notes, according to a company news release.
Based on Wednesday's value, the LYONs due 2021 have an accreted principal amount of about $543 million.
The company also plans to call for redemption all of its outstanding zero-coupon convertible notes due 2021. Because these notes are currently "in the money", the company expects that the holders of the convertibles will exercise their right to convert them into shares of common stock prior to redemption.
Depending on market conditions, the company expects to complete these transactions by year end.
Royal Caribbean is a Miami-based cruise vacation company.
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