12:58 PM EDT, 08/06/2024 (MT Newswires) -- Royal Caribbean Cruises ( RCL ) said Tuesday that it has reached exchange agreements with some of the holders of its 6.000% convertible senior notes due 2025 for a mix of cash and stock.

The deal covers about $731 million of the notes, leaving about $419 million outstanding after the exchange, the company said.

The exchange will close on Aug. 16 and is expected to reduce its weighted average shares on a fully diluted basis, it said.

Shares of the company were up more than 9% in recent trading.

Price: 152.78, Change: +13.01, Percent Change: +9.31