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Royal Caribbean Slides as It Looks to Raise $1 Billion From Stocks, Notes Offerings

Royal Caribbean  (RCL) – Get Report shares were falling after the cruise ship operator said it was raising $1 billion between stock and convertible bonds as the company struggles to weather the coronavirus pandemic. 

Shares of the Miami-based company were down 10.9% to $62.22.

Royal Caribbean said in separate news releases that it had begun an offering of $500 million of common stock and $500 million in convertible notes.

Each offering can be increased by up to $75 million should the respective underwriters choose to purchase as well, the company said.

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