RCL

AI Research

$2.5B Bond Refinancing + Celebrity Solstice Revamp → JPMorgan Raises PT to $376 on Overweight

Royal Caribbean Group raised $2.5 billion through $1.25 billion in 4.750% senior notes due 2033 and $1.25 billion in 5.250% senior notes due 2038, using proceeds to refinance 2026 maturities and existing debt, while maintaining a quarterly dividend of $1.50 per share payable April 3. Celebrity Cruises relaunched the revitalized Celebrity Solstice on March 2, 2026, with eight new experiences including four new-to-brand spaces, reflecting continued investment in the fleet experience. JPMorgan raised its price target to $376 from $371 while maintaining Overweight on March 16, though the stock fell 6% on March 12 amid an oil price shock, trading at $280.81 with oil cost volatility remaining the primary macro risk.