amid rising interest rates and a tightening credit market companies with weaker balance sheets are getting squeezed by higher borrowing costs royal caribbean group ticker rcl is a case in point the cruise operator had 55 billion in shortterm debt at the end of june but 21 billion in cash royal caribbean just issued 115 billion worth of convertible notes to cover some of its current debt pushing their maturity from 2023 to 2025 but it comes with a higher interest rate—6 instead of the retired debt’s rates of 425 and 2875