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Carnival Corp Announces Offering of Convertible...
Carnival Corp Announces Offering of Convertible....
About this update from Carnival Plc
[{"type":"text","content":"\n \n Carnival Corporation & plc Announces Offering of Convertible Senior Notes due 2027 for Refinancing 2024 Maturities\n For refinancing 2024 Maturities\n MIAMI, Nov. 16, 2022 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the \"Company\") has commenced a private offering of $1 billion aggregate principal amount of convertible senior notes due 2027 (the \"Convertible Notes\") to be used as part of the Company's 2024 refinancing plan.\n The Convertible 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 own or operate vessels and material intellectual property and that guarantee certain of the Company's other indebtedness, including its first-priority secured indebtedness and second-priority secured indebtedness.\n Prior to September 1, 2027 the Convertible Notes will be convertible at the holder's option only upon satisfaction of certain conditions and during certain periods. Thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, at its election, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock.\n The Company may not redeem the Convertible Notes prior to December 5, 2025, except in the event of certain tax law changes. On or after December 5, 2025, the Company may redeem for cash all or part of the Convertible Notes if the last reported sale price of the Company's common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Convertible Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.\n The Company intends to grant the initial...