Royal Caribbean agrees to exchange $731M of 2025 convertible notes for cash and stock

ROYAL CARIBBEAN CRUISES LTD

Entered exchange agreements to convert ~$731M of 6.000% convertible notes due 2025 into cash and common stock.
Cash portion equals par value of notes, funded via revolver; share count based on 5-day VWAP starting Aug 6.
Exchange expected to close Aug 16, 2024; reduces fully diluted weighted average shares outstanding.
After exchange, ~$419M principal of 2025 Notes remains outstanding (36.4% of original).
Transaction is a private placement under Section 4(a)(2) to accredited investors / QIBs.

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