Royal Caribbean Cruises Ltd. Announces $1.25B Senior Notes Offering

What Happened
On August 6, 2026, Royal Caribbean Cruises Ltd. announced it entered into an underwriting agreement with BNP Paribas Securities Corp., BofA Securities, Inc. and Citigroup Global Markets Inc. to issue $1,250,000,000 aggregate principal amount of 5.550% Senior Notes due 2034 in an underwritten public offering. The offering is expected to close on August 20, 2026, subject to customary closing conditions.

Key Details

• Offering size: $1,250,000,000 aggregate principal amount.
• Coupon and maturity: 5.550% interest, due 2034.
• Underwriters’ representatives: BNP Paribas, BofA Securities and Citigroup Global Markets. Agreement dated August 6, 2026.
• Use of proceeds: to repay a portion of outstanding borrowings under the company’s floating-rate term loan facilities and, if any proceeds remain, to repay or refinance other existing indebtedness.

Why It Matters
This transaction raises long-term, fixed-rate debt and is intended to reduce Royal Caribbean’s reliance on variable-rate borrowings by repaying part of its floating-rate term loans. For investors, the deal affects the company’s debt mix, interest expense profile (locks in a 5.550% rate through 2034) and liquidity/repayment plans—key items to watch when assessing leverage and debt servicing outlook.