Benzinga | Aug 11, 2021 10:51AM EDT

Royal Caribbean Cruises To Raise $1B Through Notes Offering

* Royal Caribbean Cruises Ltd (NYSE:RCL) has commenced a private offering of $1 billion of senior unsecured notes due 2026.

* The proceeds will be used for general corporate purposes, including the replenishment of capital due to the up to 40% redemption of its 11.500% Senior Secured Notes Due 2025 and for refinancing future debt.

* The company recently reported a wider-than-expected loss in Q2 and expected to incur a net loss in Q3.

* Royal Caribbean held $4.25 billion in cash and equivalents as of June 30, 2021.

* Price Action: RCL shares traded lower by 0.71% at $80.18 on the last check Wednesday.