Royal Caribbean Group said on August 20 that it completed a sale of $1.25 billion of notes carrying a 5.55% coupon and maturing on January 20, 2034, with proceeds earmarked first for floating-rate term loans and any remainder for repaying or refinancing other debt. The offering rode on a shelf registration filed on February 29, 2024, and the refinancing does not shrink the debt pile, since the new notes pay off old borrowings while the company still expects net interest of $980 million to $990 million this year. The deal lands alongside a second-quarter earnings beat, when Royal Caribbean reported adjusted earnings of $4.21 per share on July 28 and raised full-year adjusted EPS guidance to a range of $17.73 to $17.87, implying 14% growth, even though that $4.21 came in below the $4.38 posted in the same quarter of 2025. Third-quarter net yields are guided to roughly flat against 2025 while capacity grows 8.5%, so expected revenue growth of 8% comes from more capacity rather than better yields, and management says prolonged geopolitical activity has dented bookings on select itineraries. The company held $6.9 billion of liquidity as of June 30 and added $250 million to its revolving credit line in July, against $2.7 billion due in 2027 and $3.4 billion in 2028, while roughly $4.7 billion of capital spending is planned for 2026, mostly for new ships and destination projects.
Royal Caribbean Cruises LtdCompleted $1.25B notes sale at 5.55% to refinance floating-rate term loans and other debt, alongside a Q2 earnings beat and raised full-year EPS guidance.
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