Tag Archives: royal caribbean cruise

Royal Caribbean Proposes Refinancing on High-Interest Debt

Posted on by
Reply

Independence of the Seas in Southampton, Photo credit Spacejunkie2 (Flickr)

Royal Caribbean Cruises Toady announced that it has commenced a private offering of senior guaranteed notes due 2029 for an aggregate principal amount of $1.0 billion and a concurrent private offering of senior secured notes due 2029, for an aggregate principal amount of $1.0 billion.

The Company intends to use the proceeds from the sale of the Senior Guaranteed Notes and the Senior Secured Notes, together with cash on hand, to redeem all its outstanding 9.125% Priority Guaranteed Notes due 2023 and 10.875% Senior Secured Notes due 2023, respectively, concurrently with the respective closing of the Senior Guaranteed Notes and Senior Secured Notes offerings (including to pay fees and expenses in connection with such redemptions).

The Senior Guaranteed Notes will be guaranteed on a senior unsecured basis by RCI Holdings LLC, which owns 100% of the equity interests of certain of the Company’s wholly-owned vessel-owning subsidiaries.

The Senior Secured Notes will be guaranteed by Celebrity Cruises Inc., Celebrity Cruises Holdings Inc. and certain of the Company’s wholly-owned vessel-owning subsidiaries. The Senior Secured Notes and the related guarantees will be secured by 26 of the Company’s vessels and material intellectual property of the Company in an amount not to exceed permitted capacity under the Company’s existing indebtedness.

The closing of each offering is not contingent upon the closing of the other offering.

Royal Caribbean Upsizes Fundraising, $1.25 Billion at 11.625 Percent

Posted on by
Reply

Independence of the Seas in Southampton View Independence photos click here, photo credit Spacejunkie2 Flickr

Royal Caribbean Group today announced that it has priced its private offering of $1,250,000,000 aggregate principal amount (up from the previously announced $1 billion) of 11.625% senior unsecured notes due 2027 (the “Notes”).

The Notes will mature on August 15, 2027. The Notes are expected to be issued on or around August 18, 2022, subject to customary closing conditions.

According to a press release, the Company intends to use the proceeds from the sale of the Notes to repay principal payments on debt maturing in 2022 and/or 2023 (including to pay fees and expenses in connection with such repayments). Pending such uses, the Company may temporarily apply the proceeds to repay borrowings under its revolving credit facilities or other borrowings.

Royal Caribbean Lifts all Vaccination Requirments for European Sailings. 

Posted on by
Reply
Independence of the Seas in Southampton, photo credit Spacejunkie2 (Flickr)

Royal Caribbean International will not require guests to be fully vaccinated against Covid-19 on certain sailings from next month.

From 5 September, passengers sailing on all European cruises and select US ports – Los Angeles, Galveston, New Orleans – will only be asked to disclose their vaccination status during check-in. Still, it will not be mandatory in order to board.

The line’s pre-cruise testing protocols will remain the same. 

Royal said it recommends all eligible guests are fully vaccinated and advised passengers to bring proof of vaccination with them should local authorities or businesses in specific destinations ask to see it.

In some destinations, guests will be required to prove their vaccination status in order to go ashore. In contrast, unvaccinated passengers and those not up to date with their vaccinations may need to undergo additional testing at their own expense to go ashore and disembark at the end of their cruise.