Royal Caribbean sells $1bn of new convertible bonds

By Aidan Gregory
05 Jun 2020

Royal Caribbean, the Miami-based cruise line operator, has tapped the convertible bond market for $1bn of funding to shore up its balance sheet until cruises are allowed to resume once the Covid-19 global pandemic subsides.

The new five year 4.250% convertible bonds have been placed alongside a new $1bn 9.125% five year senior bond, raising $2bn in total before fees. Both bonds are secured by a new subsidiary of Royal Caribbean which will own the equity of subsidiaries that own seven of the ...

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