Royal Caribbean (RCL) Completes $1.5B Notes Offering

Royal Caribbean Cruises Ltd. (NYSE: RCL) (the "Company") today announced that it has completed its private offering of $1.5 billion aggregate principal amount of 5.625% Senior Notes due 2031 (the "Notes"). The Notes will mature on September 30, 2031, unless earlier redeemed or repurchased.

The Company intends to use the proceeds from the sale of the Notes to redeem and/or repay certain of its indebtedness, including, but not limited to, (i) to redeem all of the outstanding $700 million aggregate principal amount of its 7.250% Senior Notes due 2030, after which the Company will have no remaining guaranteed or secured notes outstanding; and (ii) to repay in full all of the outstanding $232 million aggregate principal amount of its Silver Dawn finance lease (including to pay fees and expenses in connection with each of the foregoing), on September 27, 2024 and November 25, 2024, respectively. Pending application in full of the proceeds, the Company may apply some of the proceeds to temporarily repay borrowings under its revolving credit facilities.

The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States only to certain non-U.S. persons in reliance on Regulation S. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release shall not constitute a notice of redemption with respect to the Company's 7.250% Senior Notes due 2030.

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