Royal Caribbean exchanges $200M of 6% convertible notes due 2025 for cash and stock

ROYAL CARIBBEAN CRUISES LTD

Exchanged ~$200M (62% of outstanding) of 6.000% convertible senior notes due 2025 for cash + shares.
Cash portion equals par amount; stock portion based on one-day VWAP starting March 13, 2025.
Closing expected March 18, 2025; funded from liquidity on hand.
Transaction reduces fully diluted weighted average shares outstanding.
Approximately $123M of the 2025 notes remain outstanding after exchange.

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