Royal Caribbean Group today announced that it has commenced a private offering of $700,000,000 aggregate principal amount of senior unsecured notes due 2027 to be issued by the company, according to a press release.

The company said it intends to use the proceeds from the sale of the Notes to repay principal payments on debt maturing in 2022 (including to pay fees and expenses in connection with such repayments), according to a statement.

Pending such uses, the company may temporarily apply the proceeds to repay borrowings under its revolving credit facilities or other borrowings.