Carnival Corporation & plc Announces the Launch of New Senior Unsecured Notes Offering

Rhea-AI Summary

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) has announced the launch of a private offering of €1.0 billion senior unsecured notes due 2031. The offering is intended to refinance existing debt, specifically to fully repay Carnival Corporation's first-priority senior secured term loan facility maturing in 2027 and partially repay the facility maturing in 2028.

The notes will feature investment grade-style covenants and will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S of the Securities Act. The notes will not be registered under the Securities Act or state securities laws.

Positive

• Refinancing of existing debt indicates proactive debt management
• Investment grade-style covenants suggest improved debt terms
• Extended debt maturity to 2031 improves debt structure

Negative

• Additional €1.0 billion in senior unsecured notes increases overall debt burden
• Limited to qualified institutional buyers and non-U.S. investors, restricting potential investor base

News Market Reaction – CCL

+3.15%

1 alert

+3.15% News Effect

On the day this news was published, CCL gained 3.15%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MIAMI, June 30, 2025  /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival plc (the "Company") commenced a private offering of new senior unsecured notes in an aggregate principal amount of €1.0 billion, expected to mature in 2031 (the "Notes"), to fully repay the borrowings under Carnival Corporation's first-priority senior secured term loan facility maturing in 2027 and to repay a portion of the borrowings under Carnival Corporation's first-priority senior secured term loan facility maturing in 2028. In addition, the indenture that will govern the Notes is expected to have investment grade-style covenants.

The Notes will be 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 United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.

The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

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-the-launch-of-new-senior-unsecured-notes-offering-302494220.html

SOURCE Carnival Corporation & plc

FAQ

What is the size and maturity of Carnival's new senior unsecured notes offering?

Carnival is offering €1.0 billion in senior unsecured notes that are expected to mature in 2031.

How will Carnival (CCL) use the proceeds from the new notes offering?

The proceeds will be used to fully repay the 2027 first-priority senior secured term loan and partially repay the 2028 first-priority senior secured term loan.

Who can invest in Carnival's new senior unsecured notes?

The notes are only available to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S.

What type of covenants will Carnival's new notes have?

The notes are expected to have investment grade-style covenants.

Will Carnival's new notes be registered under the Securities Act?

No, the notes will not be registered under the Securities Act or any state securities laws.