Royal Caribbean Group, the world’s second largest cruise shipping company, said it has commenced an offering of equity and convertible notes for a maximum value of $1.07 billion, the company said in a statement.

The equity offering comprises an underwritten public offering of $500 million of shares of common stock and the company intends to grant the underwriters an option to purchase up to $75 million of additional shares.

The company also has commenced a private offering to eligible purchasers of $500 million aggregate principal amount of senior convertible notes due 2023. The amount could be increased up to $575 million aggregate principal amount if the initial purchasers exercise in full their option to purchase additional convertible notes , the company said.