Royal Caribbean completes $827M note exchange; issues 11.4M shares, cuts diluted shares

ROYAL CARIBBEAN CRUISES LTD

Exchanged $827M of 6.000% convertible notes due 2025 for ~11.4M shares and $827M cash funded by revolving credit.
Net reduction of 5.1M fully diluted shares; $323M of notes remain outstanding after cancellation.
CFO Holtz says transaction strengthens balance sheet and addresses 2025 debt maturity with no material impact to 2024 adjusted EPS.
Unregistered shares issued under Section 4(a)(2) exemption to institutional accredited investors.

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