Carnival Corporation & plc Announces Closing of €1.0 Billion 4.125% Senior Unsecured Notes Offering
Carnival Corporation (NYSE: CCL) has successfully closed its previously announced private offering of €1.0 billion in senior unsecured notes with a 4.125% interest rate, maturing in 2031. The proceeds will be used to repay borrowings under existing senior secured term loan facilities, including the full repayment of the 2027 Term Loan Facility.
This strategic financial move, combined with a $450.0 million prepayment made on June 27, 2025, demonstrates Carnival's commitment to deleveraging, reducing interest expenses, and simplifying its capital structure. The company is currently one notch away from achieving an investment grade credit rating, and the notes feature investment grade-style covenants.
Carnival Corporation (NYSE: CCL) ha completato con successo la sua offerta privata precedentemente annunciata di 1,0 miliardi di euro in obbligazioni senior non garantite con un tasso di interesse del 4,125%, con scadenza nel 2031. I proventi saranno utilizzati per rimborsare i prestiti in essere sotto le attuali linee di credito senior garantite, inclusa la totale estinzione del Prestito a Termine 2027.
Questa mossa finanziaria strategica, unita a un prepagamento di 450,0 milioni di dollari effettuato il 27 giugno 2025, dimostra l’impegno di Carnival a ridurre l’indebitamento, abbattere i costi degli interessi e semplificare la struttura del capitale. Attualmente, la società è a un solo gradino dal raggiungere un rating creditizio investment grade, e le obbligazioni prevedono covenant in stile investment grade.
Carnival Corporation (NYSE: CCL) ha cerrado con éxito su oferta privada previamente anunciada de 1.000 millones de euros en bonos senior no garantizados con una tasa de interés del 4,125%, con vencimiento en 2031. Los fondos se utilizarán para pagar préstamos bajo las facilidades existentes de préstamos a plazo senior garantizados, incluyendo el reembolso total de la facilidad de préstamo a plazo 2027.
Esta movida financiera estratégica, junto con un prepago de 450,0 millones de dólares realizado el 27 de junio de 2025, demuestra el compromiso de Carnival con la reducción de deuda, la disminución de gastos por intereses y la simplificación de su estructura de capital. Actualmente, la compañía está a un paso de alcanzar una calificación crediticia de grado de inversión, y los bonos cuentan con convenios típicos de grado de inversión.
Carnival Corporation (NYSE: CCL)는 이전에 발표한 10억 유로 규모의 선순위 무담보 채권을 4.125% 이자율로 성공적으로 마감했으며, 만기는 2031년입니다. 이 자금은 기존 선순위 담보 대출 시설의 차입금을 상환하는 데 사용되며, 2027년 만기 대출 시설의 전액 상환도 포함됩니다.
이 전략적 금융 조치와 2025년 6월 27일에 이루어진 4억 5천만 달러 선지급은 Carnival이 부채를 줄이고 이자 비용을 절감하며 자본 구조를 단순화하려는 의지를 보여줍니다. 현재 회사는 투자등급 신용등급 달성까지 한 단계 남아 있으며, 채권에는 투자등급 스타일의 계약 조건이 포함되어 있습니다.
Carnival Corporation (NYSE : CCL) a clôturé avec succès son offre privée précédemment annoncée de 1,0 milliard d'euros en obligations senior non garanties avec un taux d'intérêt de 4,125%, arrivant à échéance en 2031. Les fonds seront utilisés pour rembourser les emprunts sous les facilités de prêt à terme senior garanties existantes, y compris le remboursement intégral de la facilité de prêt à terme 2027.
Cette opération financière stratégique, combinée à un prépaiement de 450,0 millions de dollars effectué le 27 juin 2025, témoigne de l'engagement de Carnival à réduire son endettement, diminuer ses charges d'intérêts et simplifier sa structure de capital. La société est actuellement à un cran d'obtenir une notation de crédit investment grade, et les obligations comportent des clauses de type investment grade.
Carnival Corporation (NYSE: CCL) hat seine zuvor angekündigte Privatplatzierung von 1,0 Milliarden Euro unbesicherter vorrangiger Schuldverschreibungen mit einem Zinssatz von 4,125% und Fälligkeit im Jahr 2031 erfolgreich abgeschlossen. Die Erlöse werden zur Rückzahlung von Krediten aus bestehenden vorrangig besicherten Darlehensfazilitäten verwendet, einschließlich der vollständigen Rückzahlung der Term Loan Facility 2027.
Diese strategische Finanzmaßnahme, kombiniert mit einer 450,0 Millionen US-Dollar Vorabtilgung am 27. Juni 2025, zeigt Carnivals Engagement zur Schuldenreduzierung, zur Senkung der Zinskosten und zur Vereinfachung der Kapitalstruktur. Das Unternehmen steht derzeit kurz davor, ein Investment-Grade-Rating zu erreichen, und die Anleihen enthalten Covenants im Investment-Grade-Stil.
- €1.0 billion senior unsecured notes offering successfully closed at favorable 4.125% interest rate
- Strategic deleveraging and simplification of capital structure
- Company approaching investment grade credit rating status
- Recent $450.0 million prepayment demonstrates strong financial management
- Additional long-term debt commitment through 2031
- Interest payments will impact cash flow annually starting July 2026
Insights
Carnival's €1B bond offering at 4.125% replaces secured debt, advancing deleveraging strategy and moving closer to investment-grade status.
Carnival Corporation has successfully closed a
The company is using these proceeds to fully repay its 2027 secured term loan and partially pay down its 2028 secured term loan. This refinancing represents a meaningful improvement in Carnival's debt profile for three key reasons:
- Moving from secured to unsecured debt indicates strengthening financial position and creditworthiness
- The new notes feature investment grade-style covenants, providing greater operational flexibility
- This transaction follows a
$450 million prepayment made on June 27, demonstrating a coordinated deleveraging strategy
Most significantly, CFO David Bernstein notes they're "just one notch away from an investment grade credit rating" - a crucial threshold that would substantially lower borrowing costs and expand their investor base. Investment-grade status would represent a major milestone in Carnival's recovery from pandemic-era financial challenges.
The new notes pay interest annually starting July 15, 2026, and are fully guaranteed by Carnival Corporation and certain subsidiaries. This transaction effectively extends debt maturities while simplifying the capital structure, giving the company additional financial breathing room as it continues its deleveraging journey.
Proceeds from the offering of senior unsecured notes to be used to repay borrowings under senior secured term loan facilities
"We continue to opportunistically access the capital markets," said David Bernstein, Chief Financial Officer. "We are just one notch away from an investment grade credit rating and this successful transaction puts us further down that path."
The Notes will pay interest annually on July 15 of each year, beginning on July 15, 2026, at a rate of
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.
View original content:https://www.prnewswire.com/news-releases/carnival-corporation--plc-announces-closing-of-1-0-billion-4-125-senior-unsecured-notes-offering-302498814.html
SOURCE Carnival Corporation & plc
FAQ
What is the size and interest rate of Carnival Corporation's (CCL) new notes offering?
How will Carnival (CCL) use the proceeds from the 2025 notes offering?
When will Carnival Corporation's (CCL) new 2031 notes begin paying interest?
How close is Carnival (CCL) to achieving an investment grade credit rating in 2025?
What recent debt prepayment did Carnival (CCL) make before this notes offering?
