Carnival Corporation & plc Announces Closing of $3.0 Billion 5.75% Senior Unsecured Notes Offering
Carnival Corporation (NYSE: CCL) has successfully closed a $3.0 billion offering of 5.75% senior unsecured notes due 2032. The proceeds will be used to fully repay borrowings under the company's first-priority senior secured term loan facility maturing in 2028 and to redeem $2.4 billion of 5.750% senior unsecured notes due 2027.
The new notes will pay interest semi-annually starting February 1, 2026, and will mature on August 1, 2032. This transaction is part of Carnival's strategy to deleverage and manage future debt maturities. Notably, the company has refinanced nearly $11 billion of debt this year and reduced its secured debt by nearly 70% since Q4 2021.
Carnival Corporation (NYSE: CCL) ha completato con successo un'offerta da 3,0 miliardi di dollari di obbligazioni senior non garantite al 5,75% con scadenza 2032. I proventi saranno utilizzati per rimborsare integralmente i prestiti sotto la linea di credito senior garantita di prima priorità con scadenza nel 2028 e per rimborsare 2,4 miliardi di dollari di obbligazioni senior non garantite al 5,750% con scadenza 2027.
Le nuove obbligazioni pagheranno interessi semestralmente a partire dal 1° febbraio 2026 e scadranno il 1° agosto 2032. Questa operazione fa parte della strategia di Carnival per ridurre l'indebitamento e gestire le scadenze future del debito. In particolare, l'azienda ha rifinanziato quasi 11 miliardi di dollari di debito quest'anno e ha ridotto il debito garantito di quasi il 70% dal quarto trimestre 2021.
Carnival Corporation (NYSE: CCL) ha cerrado con éxito una oferta de 3.000 millones de dólares en bonos senior no garantizados al 5,75% con vencimiento en 2032. Los fondos se utilizarán para pagar completamente los préstamos bajo la línea de crédito senior garantizada de primera prioridad que vence en 2028 y para redimir 2.400 millones de dólares en bonos senior no garantizados al 5,750% con vencimiento en 2027.
Los nuevos bonos pagarán intereses semestralmente a partir del 1 de febrero de 2026 y vencerán el 1 de agosto de 2032. Esta operación forma parte de la estrategia de Carnival para reducir su apalancamiento y gestionar los vencimientos futuros de deuda. Cabe destacar que la compañía ha refinanciado casi 11.000 millones de dólares de deuda este año y ha reducido su deuda garantizada en casi un 70% desde el cuarto trimestre de 2021.
Carnival Corporation (NYSE: CCL)는 2032년 만기 5.75% 선순위 무담보채 30억 달러 발행을 성공적으로 마감했습니다. 이번 자금은 2028년에 만기가 도래하는 회사의 최우선 선순위 담보 대출을 전액 상환하고 2027년 만기 5.750% 선순위 무담보채 24억 달러를 상환하는 데 사용될 예정입니다.
새 채권은 2026년 2월 1일부터 반기별로 이자를 지급하며 2032년 8월 1일에 만기가 됩니다. 이번 거래는 Carnival의 부채 축소 및 향후 부채 만기 관리를 위한 전략의 일환입니다. 특히, 회사는 올해 약 110억 달러의 부채를 재융자했고 2021년 4분기 이후 담보 부채를 거의 70% 줄였습니다.
Carnival Corporation (NYSE : CCL) a clôturé avec succès une offre de 3,0 milliards de dollars en obligations senior non garanties à 5,75 % échéance 2032. Les fonds seront utilisés pour rembourser intégralement les emprunts sous la facilité de prêt à terme senior garanti de première priorité arrivant à échéance en 2028 et pour racheter 2,4 milliards de dollars d'obligations senior non garanties à 5,750 % échéance 2027.
Les nouvelles obligations verseront des intérêts semestriels à partir du 1er février 2026 et arriveront à échéance le 1er août 2032. Cette opération s'inscrit dans la stratégie de Carnival visant à réduire son endettement et à gérer les échéances futures de sa dette. Notamment, la société a refinancé près de 11 milliards de dollars de dette cette année et réduit sa dette garantie de près de 70 % depuis le quatrième trimestre 2021.
Carnival Corporation (NYSE: CCL) hat erfolgreich eine Anleihe über 3,0 Milliarden US-Dollar mit 5,75% festverzinslichen, unbesicherten Senior Notes mit Fälligkeit 2032 abgeschlossen. Die Erlöse werden verwendet, um die Kredite aus der vorrangigen besicherten Senior-Terminkreditfazilität mit Fälligkeit 2028 vollständig zurückzuzahlen und 2,4 Milliarden US-Dollar an 5,750% unbesicherten Senior Notes mit Fälligkeit 2027 einzulösen.
Die neuen Anleihen zahlen ab dem 1. Februar 2026 halbjährliche Zinsen und laufen am 1. August 2032 aus. Diese Transaktion ist Teil der Strategie von Carnival zur Schuldenreduzierung und zum Management zukünftiger Schuldentilgungen. Bemerkenswert ist, dass das Unternehmen in diesem Jahr fast 11 Milliarden US-Dollar an Schulden refinanziert und seine besicherten Schulden seit dem vierten Quartal 2021 um fast 70 % reduziert hat.
- Successful refinancing of $3.0 billion in debt with investment grade-style covenants
- Reduction of secured debt by nearly 70% since Q4 2021
- Refinanced nearly $11 billion of debt and prepaid $1.1 billion of debt this year
- Strategic move towards investment grade credit rating
- Significant total debt load requiring refinancing
- Interest rate of 5.75% represents substantial ongoing interest expense
Insights
Carnival's $3B bond issuance reduces secured debt, extends maturities, and accelerates its path to investment grade status.
Carnival Corporation has completed a significant debt refinancing transaction, issuing
This transaction represents a meaningful improvement in Carnival's debt structure through three key mechanisms: maturity extension, secured debt reduction, and liability management. By extending
Particularly noteworthy is Carnival's dramatic reduction in secured debt, which has fallen by nearly
The refinancing continues Carnival's aggressive deleveraging campaign, with nearly
This transaction demonstrates management's proactive approach to capital structure optimization during the industry's recovery phase, building what they term a "financial fortress" that should support operational growth while gradually reducing financial risk.
Proceeds from the upsized offering of senior unsecured notes to be used to fully repay borrowings under the senior secured term loan facility and to redeem
The Company will 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, used to redeem
"We have completed another successful transaction to continue our accelerated path back to investment grade credit," said David Bernstein, Chief Financial Officer. "Already this year the Company has opportunistically refinanced nearly
In connection with the pricing of the Notes Offering, the Company issued a conditional notice of redemption for
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
This press release does not constitute a notice of redemption with respect to the 2027 Unsecured Notes.
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 Notes were not, and will not be, registered under the Securities Act or any state securities laws and may not be offered or sold in
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.
About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.
Cautionary Note Concerning Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows and liquidity and other events which have not yet occurred. Forward-looking statements reflect management's current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting the Investor Relations page of our website at www.carnivalcorp.com/investors/ or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Carnival Corporation & plc
FAQ
What is the size and interest rate of Carnival's (CCL) new senior unsecured notes offering?
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