Shearman And Sterling

News Oct 16, 2020

Royal Caribbean Cruises Ltd.’s Convertible Senior Notes and Common Stock Offerings

Shearman & Sterling represented the initial purchasers in connection with the Rule 144A offering by Royal Caribbean Cruises Ltd. of $575 million aggregate principal amount of 2.875 percent convertible senior notes due 2023, including $75 million aggregate principal amount purchased pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. Morgan Stanley & Co. LLC and BofA Securities, Inc. acted as lead bookrunners in connection with the convertible notes offering.

Shearman & Sterling also represented the underwriters in connection with the registered offering by Royal Caribbean of 9,583,333 shares of common stock, including 1,250,000 shares of common stock purchased pursuant to the exercise in full of the underwriters’ option to purchase additional shares. Morgan Stanley & Co. LLC and BofA Securities, Inc. acted as lead bookrunners in connection with the 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. Royal Caribbean is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, its brands operate 62 ships with an additional 16 on order as of July 31, 2020.

The Shearman & Sterling team below also included associate Jessica Riley.

The Team