Carnival Corporation & plc (CCL,CUK,CCL.L) announced that Carnival Corporation priced its upsized private offering of $3.0 billion aggregate principal amount of 5.750% senior unsecured notes due 2032.
The company said it expects to use the proceeds from the Notes Offering to fully repay the borrowings under Carnival Corporation's first-priority senior secured term loan facility maturing in 2028, with remaining net proceeds, together with cash on hand, to be used to redeem $2.4 billion of the Company's 5.750% senior unsecured notes due 2027.
In connection with the pricing of the Notes Offering, the Company issued a conditional notice of redemption for $2.4 billion aggregate principal amount of the 2027 Unsecured Notes to be redeemed on July 17, 2025 at a redemption price equal to 100.0% of the principal amount of the 2027 Unsecured Notes to be redeemed, plus an applicable "make-whole" premium and accrued and unpaid interest to, but excluding, the redemption date.
Upon completion of this transaction the company's remaining senior secured debt will be $3.1 billion, all of which has security fall away provisions upon two of the three rating agencies providing the company with an investment grade rating. In addition, the indenture that will govern the Notes will have investment grade-style covenants.
The Notes Offering is expected to close on July 16, 2025.
According to the company, the Notes will pay interest semi-annually on February 1 and August 1 of each year, beginning on February 1, 2026, at a rate of 5.75% per year. The Notes will be unsecured and will mature on August 1, 2032.
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