Royal Caribbean Cruises Ltd. (NYSE: RCL) has announced a private offering of $1.0 billion aggregate principal amount of senior unsecured notes due 2031. The company intends to use the proceeds from the sale of the notes to redeem and/or repay certain of its indebtedness, including redeeming all of its outstanding 7.250% senior notes due 2030 and repaying in full all outstanding obligations under its Silver Dawn finance lease.
In the second quarter of 2024, Royal Caribbean reported a net loss of $1.3 billion, or $6.09 per share, compared to a net loss of $1.4 billion, or $6.91 per share, in the second quarter of 2023. The company's revenues for the second quarter of 2024 were $2.0 billion, up from $1.0 billion in the same period last year. The increase in revenues was primarily driven by a 30% increase in capacity days and a 10% increase in net yields.
The company's operating expenses for the second quarter of 2024 were $3.3 billion, compared to $1.8 billion in the second quarter of 2023. The increase in operating expenses was primarily due to the resumption of cruise operations and higher fuel prices.
Royal Caribbean's net debt as of June 30, 2024, was $20.3 billion, compared to $18.9 billion as of December 31, 2023. The increase in net debt was primarily due to the issuance of new debt to fund the company's ongoing operations and capital expenditures.
The company's cash and cash equivalents as of June 30, 2024, were $2.8 billion, compared to $1.6 billion as of December 31, 2023. The increase in cash and cash equivalents was primarily due to the proceeds from the issuance of new debt and the resumption of cruise operations.
Today the company's shares have moved 1.4% to a price of $167.96. If you want to know more, read the company's complete 8-K report here.
