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Royal Caribbean launches $1.5 billion public stock offering

Shares of Royal Caribbean Group RCL, +1.79% fell 0.7% in premarket trading Monday, after the cruise operator said it has commenced a $1.5 billion public stock offering. The company said it plans to use the proceeds from the offering for general corporate purposes. Based on Friday’s stock closing price of $93.27, the offering could represent about 16.08 million shares, or about 6.8% of the shares outstanding. Royal Caribbean recently said it had liquidity of about $4.4 billion as of Dec. 31, and estimates monthly cash burn to average $250 million to $290 million during a prolonged suspension of operations. The company’s cruise operations are currently suspended for most ships through April 30 as a result of the COVID-19 pandemic. Royal Caribbean’s stock has rallied 19.1% over the past three months through Friday, while the S&P 500 SPX, -0.48% has gained 4.1%.

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