Carnival Corp Stock Price, News & Analysis

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) has priced its private offering of $2,405.5 million in first-priority senior secured notes due 2028, with an interest rate of 4.000%. The offering is expected to close on July 26, 2021. Proceeds will be used to fund a tender offer for up to $2,004,000,000 of its 11.500% notes due 2023, resulting in $135 million annual interest savings. The notes are secured by first-priority liens and guaranteed by Carnival plc and subsidiaries. This offering is not registered under U.S. securities laws.

Princess Cruises announced the upcoming debut of its newest ship, Discovery Princess, set to launch in spring 2022 from the Port of Los Angeles. The ship will accommodate 3,660 guests and features the MedallionClass experience, various dining options, and state-of-the-art amenities. Led by Captains Gennaro Arma and John Smith, along with a skilled executive team, Discovery Princess promises exceptional service and an opportunity for guests to explore new destinations. The company aims to enhance safety protocols amid ongoing COVID-19 concerns.

Carnival Corporation (NYSE: CCL; CUK) announced plans to resume cruise operations with 65% fleet capacity by the end of 2021 across eight brands. By year-end, the total capacity is expected to reach nearly 75% with 63 ships operational. The brands include Carnival Cruise Line, Princess Cruises, and others, with operations expanding in North America, Caribbean, Europe, and Asia. Enhanced health protocols are in place to ensure safety. However, forward-looking statements indicate risks and uncertainties regarding performance and operations.

Carnival Corporation has reported the successful early results of its tender offer to purchase up to $2.0 billion of its 11.5% First Priority Senior Secured Notes. With consent from 85.19% of note holders, $2.4 billion worth of notes have been tendered, surpassing the target amount. The tender offer remains conditional on financing, and cash payments to holders who provided consent are expected upon satisfaction of conditions. The transaction aims to enhance financial flexibility amid ongoing market challenges.

Carnival Cruise Line is set to resume operations for three additional ships in September and four in October, increasing the total to 15 ships as part of their ongoing restart plan. The ships include Carnival Glory, Carnival Pride, and Carnival Dream starting in September, followed by Carnival Conquest, Carnival Freedom, Carnival Elation, and Carnival Sensation in October. While unvaccinated guests can still sail, they will face additional health and testing protocols. Carnival emphasizes maintaining safety and confidence with its destination partners as they work towards full fleet operation by year-end.

Seabourn has announced the launch of new cruises for Seabourn Ovation, starting from Miami between November 2021 and April 2022. The itinerary includes three 11-day Caribbean voyages visiting San Juan, Guadeloupe, and St. Kitts & Nevis. Unique guest experiences include Caviar in the Surf and Marina Day. The ship will also transit the Panama Canal on a 21-Day Holiday voyage from Miami to Los Angeles on December 21. Guests booking by August 31, 2021 can receive $1,000 to $2,000 shipboard credit.

Cunard has announced the launch of its 'Grand Escape Voyages,' featuring over 40 new itineraries commencing October 2021 and running through May 2022. The flagship vessels, Queen Mary 2, Queen Elizabeth, and Queen Victoria, will visit 49 destinations including the Caribbean, Western Europe, and Asia. Cruises range from 2 to 40 nights, with fares for a 14-night Caribbean voyage starting at $1,499. Guests can benefit from several promotional offers, including free onboard credits and upgrades.

Carnival Corporation announced a tender offer to acquire up to $2,004,000,000 of its 11.500% First Priority Senior Secured Notes due 2023. The offer commences on July 6, 2021, and will expire on August 2, 2021. Holders can receive a total consideration of $1,142.50 for each $1,000 principal amount of notes tendered by July 19, 2021. This initiative aims to reduce interest expenses and align covenants with a recently repriced Term Loan Facility. The company may not accept notes tendered after the Early Tender/Consent Deadline if the maximum principal amount is reached.

Carnival Cruise Line marked its first cruise departure from PortMiami in almost 16 months with the launch of Carnival Horizon. This resumption is expected to boost the local economy significantly, contributing over $9 billion in direct economic activity and supporting approximately 159,000 jobs statewide. The cruise industry in Florida generates about $7 billion and 40,000 jobs annually in Miami-Dade alone. The return signifies a crucial step in reviving the cruise sector and aiding thousands of workers affected by earlier suspensions.