RCCL buy back 4.1 million shares

Royal Caribbean Cruises said May 31 it would buy back 4.1 million shares in order to redeem all of its outstanding Liquid Yield Option Notes, due 2021, worth about $543 million, and its outstanding zero coupon convertible notes, also due 2021, which the cruise line expects holders to convert into Royal Caribbean stock prior to the redemption.

Royal Caribbean expects that the moves will have no material effect on earnings per share. The company expects to complete the transactions by years end, depending on market conditions.

In a statement, Royal Caribbean executive vice president and CFO, Luis Leon, said We view this as an opportune time to simplify our balance sheet and eliminate potential future dilution while maintaining our financial strength.

To contact the reporter who wrote this article, send e-mail to Johanna Jainchill at [email protected].

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