Carnival Corporation & plc Announces Pricing of €1.0 Billion 4.125% Senior Unsecured Notes Offering
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) has announced the pricing of €1.0 billion senior unsecured notes offering with a 4.125% interest rate, due 2031. The notes will be issued by Carnival plc and guaranteed by Carnival Corporation and certain subsidiaries.
The proceeds will be used to fully repay the 2027 Term Loan Facility and partially repay the 2028 Term Loan Facility. This follows a $450.0 million prepayment made on June 27, 2025, towards the 2027 Term Loan Facility. The notes offering is expected to close on July 7, 2025, with interest payments beginning July 15, 2026.
The notes are being offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S of the Securities Act. This strategic move aims to deleverage, reduce interest expense, simplify capital structure, and manage maturity profile.
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) ha annunciato il prezzo di un'emissione di obbligazioni senior non garantite per 1,0 miliardi di euro con un tasso di interesse del 4,125%, con scadenza nel 2031. Le obbligazioni saranno emesse da Carnival plc e garantite da Carnival Corporation e alcune sue controllate.
I proventi saranno utilizzati per estinguere completamente il Prestito a Termine 2027 e per rimborsare parzialmente il Prestito a Termine 2028. Questa operazione segue un prepagamento di 450 milioni di dollari effettuato il 27 giugno 2025 sul Prestito a Termine 2027. L'offerta delle obbligazioni è prevista con chiusura il 7 luglio 2025, con pagamenti degli interessi a partire dal 15 luglio 2026.
Le obbligazioni sono offerte esclusivamente a investitori istituzionali qualificati secondo la Regola 144A e a investitori non statunitensi secondo il Regolamento S del Securities Act. Questa mossa strategica mira a ridurre l'indebitamento, abbattere i costi degli interessi, semplificare la struttura del capitale e gestire il profilo delle scadenze.
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) ha anunciado la fijación del precio de una oferta de notas senior no garantizadas por €1.000 millones con una tasa de interés del 4,125%, con vencimiento en 2031. Las notas serán emitidas por Carnival plc y garantizadas por Carnival Corporation y ciertas subsidiarias.
Los fondos se utilizarán para pagar completamente el Préstamo a Plazo 2027 y pagar parcialmente el Préstamo a Plazo 2028. Esto sigue a un prepago de $450 millones realizado el 27 de junio de 2025 hacia el Préstamo a Plazo 2027. Se espera que la oferta de notas cierre el 7 de julio de 2025, con pagos de intereses que comenzarán el 15 de julio de 2026.
Las notas se ofrecen exclusivamente a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses bajo el Reglamento S de la Ley de Valores. Esta estrategia busca reducir el apalancamiento, disminuir los gastos por intereses, simplificar la estructura de capital y gestionar el perfil de vencimientos.
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)가 10억 유로 규모의 선순위 무담보 채권 발행 가격을 발표했습니다. 이 채권은 4.125% 이자율로 2031년 만기입니다. 채권은 Carnival plc가 발행하며, Carnival Corporation과 일부 자회사가 보증합니다.
조달된 자금은 2027년 만기 대출 전액 상환과 2028년 만기 대출 일부 상환에 사용될 예정입니다. 이는 2025년 6월 27일에 2027년 만기 대출에 대해 4억 5천만 달러 선지급을 한 데 이은 조치입니다. 채권 발행은 2025년 7월 7일에 마감될 예정이며, 이자 지급은 2026년 7월 15일부터 시작됩니다.
이 채권은 증권법 규칙 144A에 따른 적격 기관 투자자 및 규정 S에 따른 비미국 투자자에게만 독점적으로 제공됩니다. 이 전략은 부채 축소, 이자 비용 절감, 자본 구조 단순화 및 만기 프로필 관리를 목표로 합니다.
Carnival Corporation & plc (NYSE/LSE : CCL ; NYSE : CUK) a annoncé le prix d'une émission de notes senior non garanties d'un montant d'1,0 milliard d'euros avec un taux d'intérêt de 4,125%, échéant en 2031. Les notes seront émises par Carnival plc et garanties par Carnival Corporation ainsi que certaines filiales.
Les fonds seront utilisés pour rembourser intégralement la facilité de prêt à terme 2027 et partiellement la facilité de prêt à terme 2028. Cela fait suite à un prépaiement de 450 millions de dollars effectué le 27 juin 2025 sur la facilité de prêt à terme 2027. La clôture de l'offre des notes est prévue pour le 7 juillet 2025, avec des paiements d'intérêts débutant le 15 juillet 2026.
Les notes sont offertes exclusivement aux acheteurs institutionnels qualifiés selon la règle 144A et aux investisseurs non américains selon le règlement S du Securities Act. Cette démarche stratégique vise à réduire l'endettement, diminuer les charges d'intérêts, simplifier la structure du capital et gérer le profil des échéances.
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) hat die Preisfestsetzung für ein Angebot von 1,0 Milliarden Euro unbesicherten Senior-Anleihen mit einem Zinssatz von 4,125% und Fälligkeit 2031 bekanntgegeben. Die Anleihen werden von Carnival plc ausgegeben und von Carnival Corporation sowie bestimmten Tochtergesellschaften garantiert.
Die Erlöse werden verwendet, um die Term Loan Facility 2027 vollständig und die Term Loan Facility 2028 teilweise zurückzuzahlen. Dies folgt einer Vorabtilgung von 450 Millionen US-Dollar am 27. Juni 2025 für die Term Loan Facility 2027. Der Abschluss des Anleiheangebots wird für den 7. Juli 2025 erwartet, die Zinszahlungen beginnen am 15. Juli 2026.
Die Anleihen werden ausschließlich qualifizierten institutionellen Käufern gemäß Regel 144A und Nicht-US-Investoren gemäß Regulation S des Securities Act angeboten. Diese strategische Maßnahme zielt darauf ab, die Verschuldung zu reduzieren, Zinskosten zu senken, die Kapitalstruktur zu vereinfachen und das Fälligkeitsprofil zu steuern.
- Investment grade-style covenants for the new notes indicate improved credit quality
- Strategic deleveraging and interest expense reduction through debt refinancing
- Simplification of capital structure through term loan repayment
- Extension of debt maturity profile to 2031
- Addition of €1.0 billion in new debt obligations
- Annual interest payment commitment of 4.125% through 2031
Insights
Carnival's €1B unsecured notes offering marks strategic shift from secured to unsecured debt, reducing interest costs while extending maturity profile.
Carnival Corporation's €1.0 billion unsecured notes offering at
The cruise operator is strategically deploying these funds to fully repay its 2027 Term Loan Facility and partially pay down the 2028 facility. This follows a
What's especially notable is the investment grade-style covenants attached to these notes. This suggests Carnival is positioning itself for a potential credit rating upgrade path, as these covenants typically carry fewer restrictions than high-yield debt agreements. The
This refinancing achieves multiple financial objectives simultaneously: extending the debt maturity profile (from 2027/2028 to 2031), potentially reducing overall interest expenses, simplifying the capital structure by consolidating debt instruments, and eliminating secured obligations in favor of unsecured ones. The shift away from secured debt also potentially frees up assets that were previously serving as collateral.
Proceeds from the offering of senior unsecured notes to be used to repay borrowings under the senior secured term loan facilities
The Notes Offering is expected to close on July 7, 2025, subject to customary closing conditions. The indenture that will govern the Notes will have investment grade-style covenants.
The Notes will pay interest annually on July 15 of each year, beginning on July 15, 2026, at a rate of
The Notes are being 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 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.
View original content:https://www.prnewswire.com/news-releases/carnival-corporation--plc-announces-pricing-of-1-0-billion-4-125-senior-unsecured-notes-offering-302496033.html
SOURCE Carnival Corporation & plc
FAQ
What is the size and interest rate of Carnival's new notes offering?
How will Carnival (CCL) use the proceeds from the notes offering?
When will Carnival's new notes begin paying interest?
Who can purchase Carnival's new senior unsecured notes?
What recent debt payment did Carnival make before this offering?
