Carnival Corporation & plc Announces the Launch of New Senior Unsecured Notes Offering
Carnival Corporation (NYSE/LSE: CCL) has announced a private offering of $2.0 billion in new senior unsecured notes, set to mature in 2032. The cruise line operator plans to use the proceeds to fully repay its first-priority senior secured term loan facility due in 2028 and partially redeem $1.4 billion of its 5.750% senior unsecured notes due 2027.
The Notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S of the Securities Act. The new notes are expected to feature investment grade-style covenants, reflecting the company's debt management strategy to reduce secured debt and manage future maturities.
Carnival Corporation (NYSE/LSE: CCL) ha annunciato un'offerta privata di 2,0 miliardi di dollari in nuove obbligazioni senior non garantite, con scadenza nel 2032. L'operatore di crociere intende utilizzare i proventi per rimborsare integralmente il suo prestito a termine senior garantito di prima priorità in scadenza nel 2028 e per riscattare parzialmente 1,4 miliardi di dollari delle sue obbligazioni senior non garantite al 5,750% in scadenza nel 2027.
Le obbligazioni saranno offerte esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A e a investitori non statunitensi ai sensi del Regolamento S del Securities Act. Le nuove obbligazioni dovrebbero includere covenant in stile investment grade, riflettendo la strategia aziendale di gestione del debito volta a ridurre il debito garantito e gestire le scadenze future.
Carnival Corporation (NYSE/LSE: CCL) ha anunciado una oferta privada de 2.000 millones de dólares en nuevos bonos senior no garantizados, con vencimiento en 2032. El operador de cruceros planea utilizar los fondos para reembolsar por completo su préstamo a plazo senior garantizado de primera prioridad con vencimiento en 2028 y redimir parcialmente 1.400 millones de dólares de sus bonos senior no garantizados al 5,750% con vencimiento en 2027.
Los bonos se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses bajo el Reglamento S de la Ley de Valores. Se espera que los nuevos bonos incluyan cláusulas de tipo grado de inversión, reflejando la estrategia de gestión de deuda de la compañía para reducir la deuda garantizada y manejar los vencimientos futuros.
Carnival Corporation (NYSE/LSE: CCL)는 2032년에 만기가 도래하는 20억 달러 규모의 새로운 선순위 무담보 채권을 사모로 발행한다고 발표했습니다. 이 크루즈 라인 운영사는 2028년에 만기되는 우선 담보 대출을 전액 상환하고 2027년에 만기되는 5.750% 선순위 무담보 채권 중 14억 달러를 부분 상환하기 위해 자금을 사용할 계획입니다.
이 채권은 증권법의 규칙 144A에 따른 적격 기관 투자자 및 규정 S에 따른 비미국 투자자에게만 독점적으로 제공됩니다. 신규 채권은 투자등급 스타일의 계약 조건을 포함할 것으로 예상되며, 이는 담보부 채무를 줄이고 향후 만기를 관리하려는 회사의 부채 관리 전략을 반영합니다.
Carnival Corporation (NYSE/LSE : CCL) a annoncé une émission privée de 2,0 milliards de dollars en nouvelles obligations senior non garanties, arrivant à échéance en 2032. L'opérateur de croisières prévoit d'utiliser les fonds pour rembourser intégralement sa facilité de prêt à terme senior garanti prioritaire arrivant à échéance en 2028 et pour racheter partiellement 1,4 milliard de dollars de ses obligations senior non garanties à 5,750 % arrivant à échéance en 2027.
Les obligations seront offertes exclusivement aux investisseurs institutionnels qualifiés selon la règle 144A et aux investisseurs non américains selon le règlement S du Securities Act. Les nouvelles obligations devraient comporter des clauses de type investment grade, reflétant la stratégie de gestion de la dette de la société visant à réduire la dette garantie et à gérer les échéances futures.
Carnival Corporation (NYSE/LSE: CCL) hat eine Privatplatzierung von 2,0 Milliarden US-Dollar in neuen unbesicherten vorrangigen Schuldverschreibungen angekündigt, die im Jahr 2032 fällig werden. Der Kreuzfahrtveranstalter plant, die Erlöse zu verwenden, um seinen vorrangigen besicherten Terminkredit, der 2028 fällig wird, vollständig zurückzuzahlen und 1,4 Milliarden US-Dollar seiner 5,750% unbesicherten vorrangigen Schuldverschreibungen mit Fälligkeit 2027 teilweise zurückzukaufen.
Die Anleihen werden ausschließlich qualifizierten institutionellen Käufern gemäß Regel 144A und nicht-US-Investoren gemäß Regulation S des Securities Act angeboten. Die neuen Anleihen sollen Investment-Grade-ähnliche Auflagen enthalten, was die Schuldenmanagementstrategie des Unternehmens widerspiegelt, besicherte Schulden zu reduzieren und zukünftige Fälligkeiten zu steuern.
- Strategic refinancing of $2.0 billion debt to extend maturity to 2032
- Reduction in secured debt through refinancing of first-priority senior secured term loan
- Investment grade-style covenants expected for the new notes offering
- Significant debt level remains with $2.0 billion new notes offering
- Only partial redemption of existing 2027 Unsecured Notes
Insights
Carnival's $2B unsecured notes offering improves debt profile by extending maturities and reducing secured obligations, signaling financial strengthening.
Carnival Corporation is making a strategic debt restructuring move with its $2 billion senior unsecured notes offering. This transaction serves multiple financial objectives for the cruise operator. First, it will fully repay the company's first-priority senior secured term loan facility that was set to mature in 2028. Second, approximately $1.4 billion of the proceeds will be used to partially redeem 5.750% senior unsecured notes due in 2027.
This refinancing transaction accomplishes several important goals for Carnival's balance sheet. By replacing secured debt with unsecured notes, the company is reducing the proportion of its assets that are encumbered by collateral requirements. This gives Carnival greater financial flexibility by freeing up assets that could be used to secure future borrowing if needed.
The new notes, expected to mature in 2032, extend the company's debt maturity profile by replacing obligations due in 2027 and 2028 with longer-term debt. This maturity extension reduces near-term refinancing pressure and spreads out Carnival's debt obligations over a longer timeframe. The notes will have investment grade-style covenants, which typically provide more operational flexibility than those found in high-yield debt agreements.
This transaction signals Carnival's proactive approach to debt management and suggests improving confidence in the company's financial position. The ability to issue $2 billion in unsecured debt indicates that investors remain willing to provide substantial capital to the cruise operator without requiring specific collateral. The move from secured to unsecured debt suggests progression toward a healthier balance sheet structure, though the company is still carrying significant debt levels.
This press release does not constitute a notice of redemption with respect to the 2027 Unsecured Notes.
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 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.
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SOURCE Carnival Corporation & plc
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