Royal Caribbean Prices $1.5 Billion 5.375% Senior Notes Due 2036 in Public Offering
Royal Caribbean entered into an underwriting agreement on September 22, 2025, for a $1.5 billion public offering of 5.375% Senior Notes due 2036. The company expects the offering to close on October 1, 2025, and plans to use the net proceeds to fund the delivery of Celebrity Xcel and to redeem, refinance or repurchase existing debt, including revolving credit facility borrowings. The filing adds debt that shareholders should weigh, though it also refinances and reduces reliance on an export credit facility.
Key points
- Offering: $1.5 billion aggregate principal of 5.375% Senior Notes due 2036
- Agreement dated September 22, 2025, with BofA Securities, Goldman Sachs and Morgan Stanley as representatives of the underwriters
- Expected closing: October 1, 2025, subject to customary conditions
- Proceeds to fund Celebrity Xcel delivery instead of the existing export credit agency facility, and to pay down other debt, including revolving credit facilities
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:21 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 23, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.