Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds.
Proceeds of the deal will be used to fund the redemption of about $619.8 million of 7.25% notes that mature in 2025 that were issued by Silversea Cruise Finance Ltd., the cruise operator said in a statement. The remaining funds will be used for general corporate purposes.
Shares were up 0.51% premarket and have gained 18% in the year to date, while the S&P 500 SPX, +0.18% has gained 13%.
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