Watson Farley & Williams (“WFW”) has advised long-standing client Royal Caribbean Cruises Ltd. (“Royal Caribbean”) on matters of Liberian law in connection with concurrent private offerings of notes worth an aggregate principal amount of US$2.15bn, consisting of US$1bn of 9.125% Senior Guaranteed Notes due 2023 (the “Senior Notes”) and US$1.15bn of 4.250% of Convertible Senior Notes due 2023 (the “Convertible Notes”).
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. 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 of the Notes for general corporate purposes, which may include the repayment of indebtedness.
Royal Caribbean is a global cruise holding company incorporated in Liberia and based in Miami, Florida, US. It is the world’s second-largest cruise line operator, and controls and operates four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises. Royal Caribbean is also a 50% joint venture owner of the German brand TUI Cruises and a 49% shareholder of the Spanish brand Pullmantur Cruceros. Together these brands operate a combined total of 62 ships with an additional 16 on order as of March 31, 2020. Royal Caribbean operates diverse itineraries around the world that call on all seven continents.
The WFW New York corporate team advising Royal Caribbean on the transaction was led by Partner Steven Hollander, 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.
Steven 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.”