Royal Caribbean raised $1.5bn via a 7Y bond at a yield of 5.5%, at the lower end of initial guidance of 5.5-5.75%. The bonds have expected ratings of B2/B and proceeds will be used to repay principal on debt maturing or required to be paid in 2021 and 2022 and the remaining for general corporate purposes. “The planned transaction is another important step in ensuring adequate liquidity during this period of suspended operations as it pushes out maturities and eliminates some near term maturities,” said Pete Trombetta, Moody’s lodging and cruise analyst. Marketwatch notes that the cruise operator has $19.3bn in total debt as of end-2020, including commercial paper and capital leases, and $10.2bn of liquidity. The bonds offer a 32bp yield pickup over their 7.5% bonds due Oct 2027 yielding 5.18%.