Carnival Corporation & plc Announces Closing of $2.4 Billion 4.0% First-Priority Senior Secured Notes Offering, Completing the Refinancing of a Portion of its Existing 11.5% Notes and Extending Maturities

Carnival Corporation & plc announced that Carnival Corporation (the "Issuer") has closed its private offering of $2,405.5 million aggregate principal amount of 4.000% First-Priority Senior Secured Notes due 2028 (the "New Notes").

The Issuer will be using the net proceeds from the offering of the New Notes to fund its previously announced tender offer to purchase up to $2,004,000,000 aggregate principal amount of 11.500% First Priority Senior Secured Notes due 2023 (the "2023 Notes"), the related consent solicitation, and the payment of accrued and unpaid interest on the 2023 Notes accepted for purchase and related fees and expenses. The offering completed the Issuer and Carnival plc's financing condition for the tender of its 2023 Notes and the New Notes' 4.000% interest rate will replace existing debt carrying an 11.500% coupon and generate $135 million of interest savings annually.

Jul 27 2021