Royal Caribbean stock gains after disclosing bookings were ‘significantly outpacing’ pre-pandemic levels

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Shares of Royal Caribbean Group RCL, +1.49% rose 0.5% in premarket trading Thursday, after the cruise operator said demand remains “strong,” as bookings have been “significantly outpacing” pre-pandemic 2019 levels. The company said the easing of COVID-19 testing and vaccination requirements from most of its cruises had an “immediate positive impact” on bookings for 2022 and 2023 cruises. “Since the announcements, overall bookings have been significantly higher versus the same period in 2019,” the company stated in a filing with the Securities and Exchange Commission. “From a cumulative standpoint, 2023 remains booked within historical ranges at much higher rates.” Separately, the company said in the filing that it started a private offering of senior secured notes due 2029, with plans to use the proceeds to help redeem all notes due 2023, with rates ranging from 9.125% to 10.875%. The amounts and pricing of the debt offerings have not yet been determined. Royal Caribbean’s stock has soared 27.5% over the past three months through Wednesday, while the S&P 500 SPX, -0.50% has edged up 0.8%.

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