In heavy financial seas because of the coronavirus pandemic, Royal Caribbean Group is on the hunt for $1 billion to stay afloat.
According to news from Travel Agent Central and other outlets, the cruise line has taken financial steps to bring in more cash for general corporate operations, and to pay down the company’s huge debt.
Royal Caribbean has started the process of an offering of $500 million of shares of its common stock. In addition, the company has started offering senior convertible notes that will be due in 2023, in order to raise an additional $500 million.
Cruise company leadership says Royal Caribbean Group expects to use a portion of the net proceeds to repay some senior notes due this year. The remainder of the sale proceeds will bring in cash to be used for general corporate purchases.
Royal Caribbean ships have been anchored or docked since the onset of the pandemic, with the exception of those involved with the cruise line’s TUI Cruises and Hapag-Lloyd Cruises endeavors in Europe.
