Business
Carnival Corporation & plc Announces Closing of $1.0 Billion 5.875% Senior Unsecured Notes Offering for Refinancing and Interest Expense Reduction
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") has closed its previously announced private offering (the "Notes Offering") of $1.0 billion aggregate principal amount of 5.875% senior unsecured notes due 2031 (the "Notes"). The Company will use the net proceeds from the Notes Offering to redeem the Company's $993 million 7.625% senior unsecured notes due 2026 (the "2026 Unsecured Notes"). The condition to completion of the redemptio
About this update from Carnival Corporation Ltd.
[{"type":"text","content":"Transaction included full redemption of $993 million 7.625% Senior Unsecured Notes","length":82,"tagName":"p"},{"type":"text","content":"MIAMI, May 21, 2025 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the "Company") has closed its previously announced private offering (the "Notes Offering") of $1.0 billion aggregate principal amount of 5.875% senior unsecured notes due 2031 (the "Notes"). The Company will use the net proceeds from the Notes Offering to redeem the Company's $993 million 7.625% senior unsecured notes due 2026 (the "2026 Unsecured Notes"). The condition to completion of the redemption of the 2026 Unsecured Notes was satisfied upon closing of the Notes offering, and the redemption will occur on May 22, 2025.","length":720,"tagName":"p"},{"type":"text","content":"The Notes Offering and the redemption of the 2026 Unsecured Notes are a continuation of the Company's strategy to reduce interest expense and manage its future debt maturities. The Company expects to reduce net interest expense by over $20 million through the scheduled maturity date of the 2026 Unsecured Notes as a result of the transaction and its partial redemption of $350 million of the 2026 Unsecured Notes earlier this year. In addition, the indenture that governs the Notes has investment grade-style covenants.","length":524,"tagName":"p"},{"type":"text","content":"The Notes will pay interest semi-annually on June 15 and December 15 of each year, beginning on December 15, 2025, at a rate of 5.875% per year. The Notes will be unsecured and will mature on June 15, 2031. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by Carnival plc and certain of the Company's and Carnival plc's subsidiaries that also guarantee certain of our first-priority secured indebtedness, certain of our other unsecured notes and our convertible notes.","length":534,"tagName":"p"},{"type":"text","content":"The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States, only to non-U.S. investors pursuant to Regulation S unde...