Shearman And Sterling

News Jun 09, 2020

Royal Caribbean Cruises’ Senior Secured Notes, Senior Notes and Convertible Notes Offerings

Shearman & Sterling represented the initial purchasers in connection with the offering by Royal Caribbean Cruises Ltd. of $1 billion aggregate principal amount of 10.875 percent senior secured notes due 2023 and $2.32 billion aggregate principal amount of 11.500 percent senior secured notes due 2025. Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., BNP Paribas Securities Corp. and Goldman Sachs & Co. LLC acted as lead bookrunners in connection with the offering.

 Shearman & Sterling also represented the initial purchasers in connection with two concurrent Rule 144A offerings by Royal Caribbean Cruises Ltd. of $1 billion aggregate principal amount of 9.125 percent senior notes due 2023 and $1.15 billion aggregate principal amount of 4.250 percent convertible senior notes due 2023, including $150 million aggregate principal amount purchased pursuant to the exercise in full of the initial purchasers' option to purchase additional notes.

J.P. Morgan Securities LLC, DNB Markets, Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SG Americas Securities, LLC acted as lead bookrunners in connection with the senior notes offering, and J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. acted as joint bookrunning managers in connection with the convertible notes offering.

Royal Caribbean is a global cruise vacation company that controls and operates four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises.

The Team