Royal Caribbean Group, owner of four global cruise lines, has raised $500 million through a stock offering that will dilute shares by a little over 3%.
Royal Caribbean announced the underwritten public offering of 8,333,333 shares at $60 per share.
The offering is expected to close on October 16, 2020, subject to customary closing conditions. The Company has granted the underwriters an option to purchase up to 1,250,000 of additional shares, which must be exercised on or before November 12, 2020. Royal Caribbean expects to use the net proceeds from the offering for general corporate purposes.
The Company also announced by separate press release that it has priced its previously announced private offering to eligible purchasers of $500 million aggregate principal amount of 2.875% senior convertible notes due 2023 (or up to $575 million aggregate principal amount if the initial purchasers exercise in full their option to purchase additional convertible notes).
Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy the convertible notes. The offering of convertible notes is expected to close on October 16, 2020, subject to customary closing conditions. The closing of each offering is not conditioned upon the closing of the other offering.
Morgan Stanley and BofA Securities are acting as joint lead book-running managers for the offering of common stock. Citigroup, DNB Markets, Goldman Sachs & Co. LLC, HSBC, J.P. Morgan and SEB are also acting as book-running managers for the offering of common stock. A shelf registration statement relating to the shares of common stock has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and has become effective.
