Royal Caribbean Cruises Ltd. Issues $1.25B 5.55% Senior Notes Due 2034

What Happened
Royal Caribbean Cruises Ltd. announced on August 20, 2026 that it completed an offering of $1,250,000,000 aggregate principal amount of 5.550% Senior Notes due 2034. The notes were sold pursuant to an underwriting agreement (dated August 6, 2026) and issued under the company’s indenture, as supplemented by a Sixth Supplemental Indenture dated August 20, 2026. Interest accrues from August 20, 2026 and is payable semi‑annually on January 20 and July 20, beginning January 20, 2027; the notes mature January 20, 2034.

Key Details

• Principal amount: $1,250,000,000 of 5.550% Senior Notes due January 20, 2034.
• Net proceeds: approximately $1.24 billion after fees, commissions and expenses.
• Use of proceeds: planned to repay a portion of borrowings under floating rate term loan facilities and to repay or refinance other existing debt.
• Transaction parties: underwriters led by BNP Paribas Securities Corp., BofA Securities, Inc. and Citigroup Global Markets Inc.; trustee is The Bank of New York Mellon Trust Company, N.A.

Why It Matters
This transaction creates a new long‑term fixed‑rate debt obligation for Royal Caribbean and provides liquidity to pay down floating‑rate term loans and other debt. For investors, the key takeaways are the added interest expense at a 5.55% coupon, the extension of debt maturity to 2034 for this tranche, and a reduction in floating‑rate exposure if proceeds are used as stated. The filing (8‑K) documents the material agreement (Item 1.01) and the creation of the direct financial obligation (Item 2.03).