Receive instant notifications when there is news about your stocks. Request your one-week free trial of StreetInsider Premium here.
Exhibition 99.1
Royal Caribbean Group announces proposed offering of senior unsecured notes
MIAMI – August 11, 2021 – Royal Caribbean Group (NYSE: RCL) (the “Company”) announced today that it has commenced a private offering of a total of $ 1,000,000,000 in principal unsecured senior notes due in 2026 to be issued by the Company (the “Notes”).
The Company intends to use the proceeds from the sale of the Notes for general corporate purposes, including the capital increase following the repayment of up to 40% of its 11,500% Senior Secured Notes due 2025 and the refinancing of future Notes.
None of the information contained herein constitutes an offer to sell or the solicitation of an offer to buy any security. The Notes are only being offered to persons who can reasonably be deemed qualified institutional buyers in reliance on Rule 144A of the Securities Act of 1933 in the as amended (the “Securities Act”) apply, and only to certain non-US investors outside the United States under Regulation S. The Notes will not be registered under the Securities Act or any state’s securities laws and may be in the United States without registration or any applicable exemption from the registration requirements of the Securities Act and applicable federal law will not be offered or sold.
This press release does not constitute an offer to sell or a solicitation to buy the Notes or any other security and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is issued in accordance with and in accordance with Rule 135c of the Securities Act.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release, including but not limited to our future estimates of performance, projections, and projections, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 Financial results for 2021 and beyond. Words like “anticipate”, “believe”, “could”, “drive”, “estimate”, “expect”, “aim”, “intend”, “can”, “plan”, “project”, “strive for”, “Should”, “will”, “would”, “consider” and similar expressions are used to identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on estimates, are inherently uncertain, and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from future results, performance or achievements may differ or are implied in these forward-looking statements. Examples of these risks, uncertainties and other factors include the following: The impact of the global incidence and spread of COVID-19, which has resulted in and will continue to have a material adverse impact on our business, liquidity and business our operating results or other infectious diseases on the economic situation and the travel industry in general and the financial condition and results of our company in particular, such as self-imposed travel restrictions, the current and possible renewal of the suspension of cruises and new additional suspensions, cancellations of guests as well as ours Plan to resume service, including our ability to conduct simulated voyages and voyages in accordance with the Conditional Sail Arrangement Framework issued by the U.S. Centers for Control and Prevention on of diseases; the impact of government regulation and litigation regarding evidence of passenger vaccinations; our ability to raise sufficient funding, capital, or income to meet liquidity needs, capital expenditures, debt repayments and other funding needs; the effectiveness of the measures we have taken to improve and meet our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as cruise demand, passenger spend and operating costs; Incidents or negative publications relating to our ships, port facilities, land destinations and / or passengers, or the cruise industry in general; our ability to accurately estimate our monthly cash burn rate while we are ceasing to operate; Concerns about the safety, health and safety of guests and crew; All of the protocols we use across our fleet in relation to COVID-19, such as those recommended by the Healthy Sail Panel, can be costly and less effective than we expect in reducing the risk of infection and spread of COVID-19 on our cruise lines reduce; further impairment of our goodwill, long-lived assets, participations and promissory notes; the inability to obtain our crews or our supplies and supplies from certain locations; the occurrence of COVID-19 and other infectious diseases on our ships and increasing concerns about the risk of disease on our ships or when traveling to or from our ships, which is reducing demand; Unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; Changes in US and overseas travel policies; the uncertainties of doing business internationally and expanding into new markets and ventures; our ability to recruit, develop and retain highly qualified personnel; Changes in operating and financing costs; our indebtedness, any additional indebtedness we may enter into and restrictions in the arrangements that govern our indebtedness that limit our flexibility in operating our business, including the significant portion of the assets that serve as collateral under those arrangements; the effects of fluctuations in exchange rates, interest rates and fuel prices; Fulfill conversions of our convertible bonds, if any, into shares of our common stock or a combination of cash and shares of our common stock, which may cause significant dilution for our existing shareholders; our expectation that we will not declare or pay any dividends on our common stock in the near future; Competition in the vacation industry and changes in capacities and overcapacities in the industry; the risks and costs associated with cyber security attacks, data breaches, protecting our systems, and maintaining the integrity and security of our business information, as well as the personal information of our guests, employees, and others; the effects of new or changing laws and regulations or government orders on our business; pending or threatened litigation, investigations and enforcement actions; the impact of weather, natural disasters and seasonality on our business; Emergency repairs to ships, including the associated loss of revenue; the impact of problems on shipyards, including delays in delivery of ships, cancellations of ships, or increases in the cost of building ships; Unavailability of the shipyard; the unavailability or cost of the flight service; Uncertainties of a foreign legal system since we are not incorporated in the United States; and the risk factors set out in the periodic reports and other documents the company files or is required to file with the Securities and Exchange Commission, including the company’s annual report on Form 10-K for the year ended December 31, 2020 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.
In addition, many of these risks and uncertainties are currently heightened by the COVID-19 pandemic and will be increased by the COVID-19 pandemic or will be increased in the future. It is not possible to predict or identify all of these risks.
Forward-looking statements should not be used as a prediction of actual results. The forward-looking statements in this press release, based on information available to us as of the date of this release, should not be placed under undue reliance. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.
About the Royal Caribbean Group
Royal Caribbean Group is the operational business name of Royal Caribbean Cruises Ltd. The Royal Caribbean Group owns and operates three global cruise brands: Royal Caribbean International, Celebrity Cruises and Silversea Cruises. The Royal Caribbean Group is also 50% owner of a joint venture operated by TUI Cruises and Hapag-Lloyd Cruises. Together, these brands operate 60 ships, and another 13 have been ordered as of June 30, 2021.
Investor Relations Contact: Michael McCarthy
Email: mmccarthy@rccl.com
Media contact: Jonathon Fishman
Email: corporatecommunications@rccl.com
