Morgan Stanley offers banks portions of $3 billion Royal Caribbean financing
The 364-day loan supports Royal Caribbean Cruises Ltd.’s purchase of a 50% interest in Sandals Resort International, according to people familiar with the matter.
Morgan Stanley has invited banks to acquire portions of a $3 billion loan connected to Royal Caribbean Cruises Ltd.’s acquisition of a 50% stake in Sandals Resort International, according to people with knowledge of the transaction.
The financing is set to mature after 364 days, the people said. Its interest rate is 1.125 percentage points above the Secured Overnight Financing Rate, a benchmark commonly abbreviated as SOFR.
The people provided the information anonymously because details of the deal are private. The loan is intended to help fund Royal Caribbean Cruises Ltd.’s purchase, while Morgan Stanley is seeking participation from other banks for parts of the financing.
