Royal Caribbean Group today announced that it has commenced a private offering of $650 million aggregate principal amount of senior unsecured notes due 2026 to be issued by the company, according to a press release.

The company intends to use the proceeds from the sale of the Notes to fund the redemption in full of approximately $619.8 million aggregate principal amount of the 7.25% senior secured notes due 2025 issued by Silversea Cruise Finance Ltd. (including to pay call premiums, fees and expenses in connection with such redemption), and the remaining for general corporate purposes.