WfW advises Royal Caribbean on private offerings

2020-06-27T06:11:02+00:00 June 27th, 2020|Finance|

Watson Farley & Williams (WfW) has advised its long-standing client, Royal Caribbean Cruises on Liberian law matters regarding the concurrent private offerings of notes worth a total principal amount of $2.15 bill.

The notes consist of $1 bill of 9.125% senior guaranteed notes, due 2023 and $1.15 bill of 4.25% of convertible senior notes, also due 2023.

The senior notes are fully and unconditionally guaranteed on a senior unsecured basis by a wholly owned subsidiary of Royal Caribbean that owns certain vessel-owning subsidiaries. However, the convertible notes are not guaranteed by any of Royal Caribbean’s subsidiaries.

Royal Caribbean announced that it intends to use the combined net proceeds from the offerings for general corporate purposes, which may include debt repayment.

The WfW New York corporate team advising Royal Caribbean on the transaction was led by Partner, Steven Hollander (pictured), supported by Partners, Dan Rodgers and Will Vogel, Counsel Todd Johnson and Associate Danny Berger. London Partner Richard Dibble assisted on certain matters of English law.

Hollander commented: “It was a pleasure to work with Royal Caribbean on this transaction and we are pleased to have closed multiple offerings with Royal Caribbean in a matter of weeks.”