Davis Polk & Wardwell LLP advised Royal Caribbean Cruises Ltd. in connection with its SEC-registered offering of $300 million aggregate principal amount of 11.875% senior notes due 2015. Morgan Stanley & Co. Incorporated, Banc of America Securities LLC and Goldman, Sachs & Co. acted as joint book-running managers for this offering.

Royal Caribbean, based in Miami, Florida, is the world's second-largest cruise company, operating 37 cruise ships with approximately 77,000 berths under the brands Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises and CDF Croisières de France.

The Davis Polk team included partner Joseph A. Hall and associates Tae-Hun Kim and Mary Clare Haskins (not yet admitted). The tax team included partner Harry Ballan and associate Devasish Majumdar. Associate Catherine L. Martin provided 1940 Act advice. Amarilys Katy Barbosa was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.