Royal Caribbean Cruises Ltd. (NYSE: RCL) began a registered public offering of senior unsecured notes on February 12, 2026. The company will use the net proceeds to refinance existing senior notes that mature in 2026 and to repay other indebtedness, including term loans. J.P. Morgan Securities, Morgan Stanley & Co. LLC and PNC Capital Markets are the lead book‑running managers.
The offering is being conducted under an automatic shelf registration statement filed with the SEC on February 29, 2024. While the total principal amount and coupon rate of the notes have not been disclosed, the company’s intent is to reduce the maturity risk associated with a $3.2 billion debt load due in 2026 and to maintain its investment‑grade credit profile. The move follows a September 2025 issuance of $1.5 billion 5.375% senior unsecured notes due 2036, underscoring Royal Caribbean’s continued use of the debt market to fund its capital‑expenditure cycle and shareholder return programs.
Royal Caribbean reported strong 2025 results, with total revenue of $17,935 million, operating income of $4,910 million, net income of $4,268 million, and adjusted EBITDA of $7,026 million as of December 31, 2025. Total debt, including finance leases, stood at $21,345 million. Management highlighted the company’s momentum, noting that the 2025 performance was “outstanding” and that a 50% dividend increase to $1.50 per share on February 10, 2026 reflected confidence in the business’s financial strength.
The new notes offering is a proactive financing strategy that allows Royal Caribbean to refinance near‑term debt, preserve liquidity, and support ongoing capital expenditures, dividend payments, and share‑repurchase initiatives. By reducing the concentration of debt maturing in 2026, the company aims to maintain flexibility in a market where interest rates and credit conditions can shift rapidly. The offering also signals management’s commitment to sustaining an investment‑grade credit rating while continuing to invest in fleet expansion and technology upgrades.
The announcement does not alter the company’s current guidance for 2026, but it provides a clearer debt‑management framework that could improve the company’s ability to pursue growth opportunities and manage interest‑rate risk in the coming years.
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