From the most recent 10K:
"In July 2009, we issued $300.0 million of 11.875% senior unsecured notes due 2015 at a price of 97.399% of par. The net proceeds from the offering were used to repay $285.0 million outstanding under our unsecured revolving credit facility."

As a reminder, below is their currently-offered debt again. The 11-7/8ths standout like a sore thumb. The coupons on the other six bonds are the normal 7-8% one would expect to see offered by a reasonably-strong company. 11-7/8 screams that the company is in serious distress and than lenders are very reluctant to lend. Not only was a high coupon attached to the bond, it had to be sold at a discount.

However, you can see from how the bond fits into RCL’s yield-curve that bond buyers aren’t protesting. (If traders were worried, the YC would be inverted. But it isn’t.)

What I can’t understand is why a company with such a fragile and seasonal market isn’t getting dumped. Or to put it another way, is this a company in which I have enough faith/confidence that I would lend them money? At a steeper discount to par, such as was available in the Spring, the bonds would be worth speculating on. But present prices suggest standing aside. (IMHO, 'natch.)

Coupon	Maturity	YTM	Price	CY
8.75	02/02/11	5.12	103.975	8.42
7.00	06/15/13	7.93	97.200	7.20
6.88	12/01/13	8.04	96.100	7.15
11.88	07/15/15	8.80	113.350	10.48
7.25	06/15/16	8.24	95.100	7.62
7.25	03/15/18	8.29	93.850	7.73
7.50	10/15/27	9.86	80.350	9.33