Royal Caribbean (RCL) said Thursday it entered into exchange agreements with holders of its 6% Convertible Senior Notes due 2025.
In exchange for the notes, the company said it would provide a combination of cash and shares of its common stock.
Royal Caribbean said the exchange consideration will be based on the volume-weighted average stock price on March 13, with the cash portion covering the par value of the repurchased notes and shares issued based on the trading price.
The company plans to fund the cash portion with existing liquidity, with the remaining amount settled in stock.
The exchange will involve about $200 million of the 2025 Notes, leaving around $123 million in principal outstanding, the company said, adding the transaction is expected to close on Monday.
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