Royal Caribbean is tapping the high-yield bond market for first time this year

Royal Caribbean Cruises Ltd. launched a private offering of $1.0 billion of senior-secured eight-year bonds on Thursday, tapping the high-yield bond market for the first time in 2024. Proceeds of the deal will be used along with cash on hand and/or borrowings under the cruise operator’s revolving credit facilities to repay more expensive debt, namely all of its outstanding 11.625% notes due 2027. The announcement comes just hours after Royal Caribbean RCL, -0.21%raised its earnings guidanc