[8-K] Carnival Corporation Reports Material Event
Carnival Corporation & plc (NYSE: CCL, CUK) filed an 8-K to disclose the closing of a €1.0 billion (about US$1.1 billion) private offering of 4.125% senior unsecured notes due 2031. The notes were issued on 7 July 2025 under a new indenture and are guaranteed on a senior unsecured basis by Carnival Corporation and certain subsidiaries.
Use of proceeds: management will fully repay Carnival Corporation’s first-priority senior secured term loan maturing in 2027 and partially repay the similar facility maturing in 2028. The transaction therefore replaces nearer-term secured borrowings with unsecured debt that matures three to four years later, effectively terming-out €1 billion of obligations and releasing pledged collateral.
Key terms:
- Maturity: 15 July 2031.
- Coupon: 4.125%, paid annually starting 15 July 2026.
- Optional redemption: make-whole call to 14 Apr 2031; par call thereafter.
- Change-of-control put at 101% of principal.
- Covenants restrict liens, mergers and asset transfers; customary events of default apply.
Strategic implications: The refinancing extends the weighted-average maturity of Carnival’s debt stack, converts secured obligations to unsecured, and modestly diversifies the currency mix toward euros. While overall leverage is unchanged, unsecured issuance may lower the company’s blended cost of capital if the repaid term loans carried higher spreads. The covenant package provides incremental flexibility relative to first-lien debt.
The notes were placed with qualified institutional buyers under Rule 144A/Reg S and are not registered under the Securities Act. A press release announcing completion of the offering (Exhibit 99.1) was simultaneously furnished under Item 7.01 and is deemed "furnished" rather than "filed" for Exchange Act purposes.
Carnival Corporation & plc (NYSE: CCL, CUK) ha presentato un modulo 8-K per comunicare la chiusura di un offerta privata da 1,0 miliardi di euro (circa 1,1 miliardi di dollari USA) di obbligazioni senior non garantite al 4,125% con scadenza 2031. Le obbligazioni sono state emesse il 7 luglio 2025 sotto un nuovo atto di emissione e sono garantite su base senior non garantita da Carnival Corporation e alcune sue controllate.
Utilizzo dei proventi: la direzione utilizzerà i fondi per rimborsare integralmente il prestito a termine senior garantito di prima priorità di Carnival Corporation in scadenza nel 2027 e rimborsare parzialmente un finanziamento simile con scadenza 2028. L’operazione sostituisce quindi prestiti garantiti a breve termine con debito non garantito che scade tra tre o quattro anni, estendendo efficacemente la scadenza di 1 miliardo di euro di obbligazioni e liberando garanzie vincolate.
Termini principali:
- Scadenza: 15 luglio 2031.
- Coupon: 4,125%, pagato annualmente a partire dal 15 luglio 2026.
- Rimborso opzionale: call make-whole fino al 14 aprile 2031; call a valore nominale successivamente.
- Put in caso di cambio di controllo al 101% del capitale.
- I covenant limitano gravami, fusioni e trasferimenti di asset; si applicano eventi di default consueti.
Implicazioni strategiche: Il rifinanziamento estende la durata media ponderata del debito di Carnival, converte obbligazioni garantite in non garantite e diversifica leggermente la composizione valutaria verso l’euro. Pur mantenendo invariato il livello complessivo di indebitamento, l’emissione non garantita potrebbe ridurre il costo medio del capitale se i prestiti rimborsati avevano spread più elevati. Il pacchetto di covenant offre una maggiore flessibilità rispetto al debito di primo grado.
Le obbligazioni sono state collocate presso investitori istituzionali qualificati secondo la Regola 144A/Regolamento S e non sono registrate ai sensi del Securities Act. Un comunicato stampa che annuncia il completamento dell’offerta (Allegato 99.1) è stato fornito contemporaneamente sotto la voce 7.01 e viene considerato "fornito" piuttosto che "depositato" ai fini dell’Exchange Act.
Carnival Corporation & plc (NYSE: CCL, CUK) presentó un formulario 8-K para informar el cierre de una oferta privada de 1.000 millones de euros (aproximadamente 1.100 millones de dólares) de notas senior no garantizadas al 4,125% con vencimiento en 2031. Las notas se emitieron el 7 de julio de 2025 bajo un nuevo contrato y están garantizadas en forma senior no garantizada por Carnival Corporation y ciertas subsidiarias.
Uso de los fondos: la dirección usará los ingresos para pagar completamente el préstamo a término senior garantizado de primera prioridad de Carnival Corporation que vence en 2027 y pagar parcialmente una facilidad similar que vence en 2028. Por lo tanto, la transacción reemplaza préstamos garantizados a corto plazo con deuda no garantizada que vence tres o cuatro años después, extendiendo efectivamente el plazo de 1.000 millones de euros de obligaciones y liberando las garantías prendarias.
Términos clave:
- Vencimiento: 15 de julio de 2031.
- Cupones: 4,125%, pagaderos anualmente a partir del 15 de julio de 2026.
- Redención opcional: llamada make-whole hasta el 14 de abril de 2031; llamada a valor nominal después de esa fecha.
- Put por cambio de control al 101% del principal.
- Los convenios restringen gravámenes, fusiones y transferencias de activos; se aplican eventos habituales de incumplimiento.
Implicaciones estratégicas: La refinanciación extiende el vencimiento promedio ponderado de la deuda de Carnival, convierte obligaciones garantizadas en no garantizadas y diversifica modestamente la mezcla de monedas hacia el euro. Aunque el apalancamiento total no cambia, la emisión no garantizada podría reducir el costo promedio ponderado de capital si los préstamos a término reembolsados tenían spreads más altos. El paquete de convenios proporciona flexibilidad adicional en comparación con la deuda de primer gravamen.
Las notas fueron colocadas con compradores institucionales calificados bajo la Regla 144A/Reg S y no están registradas bajo la Ley de Valores. Un comunicado de prensa anunciando la finalización de la oferta (Exhibición 99.1) se presentó simultáneamente bajo el ítem 7.01 y se considera "proporcionado" en lugar de "presentado" para fines de la Ley de Intercambio.
Carnival Corporation & plc (NYSE: CCL, CUK)는 8-K 서류를 제출하여 10억 유로(약 11억 달러) 규모의 4.125% 선순위 무담보 채권, 2031년 만기 사모 발행 완료를 공시했습니다. 이 채권은 2025년 7월 7일 새로운 약관 하에 발행되었으며 Carnival Corporation 및 일부 자회사가 선순위 무담보로 보증합니다.
자금 사용 목적: 경영진은 2027년 만기인 Carnival Corporation의 1순위 선순위 담보 대출을 전액 상환하고 2028년 만기 유사 대출을 부분 상환할 예정입니다. 이 거래는 단기 담보 차입금을 만기 3~4년 후인 무담보 부채로 대체하여, 약 10억 유로의 채무 만기를 연장하고 담보를 해제하는 효과가 있습니다.
주요 조건:
- 만기: 2031년 7월 15일.
- 이자율: 4.125%, 2026년 7월 15일부터 연간 지급.
- 선택적 상환: 2031년 4월 14일까지 메이크홀 콜, 이후 액면가 콜 가능.
- 지배권 변경 시 101% 원금에 풋옵션 부여.
- 약정은 담보 설정, 합병 및 자산 이전을 제한하며, 일반적인 디폴트 이벤트가 적용됩니다.
전략적 의미: 이번 재융자는 Carnival의 부채 가중평균 만기를 연장하고 담보 부채를 무담보로 전환하며, 통화 구성을 유로화 쪽으로 다소 다양화합니다. 전체 레버리지는 변하지 않지만, 상환된 대출의 스프레드가 높았다면 무담보 발행이 회사의 가중평균 자본 비용을 낮출 수 있습니다. 약정 조건은 선순위 담보 부채 대비 추가적인 유연성을 제공합니다.
이 채권은 Rule 144A/Reg S에 따라 적격 기관 투자자에게 배정되었으며, 증권법에 등록되지 않았습니다. 공시 완료를 알리는 보도자료(전시물 99.1)는 항목 7.01에 따라 동시에 제출되었으며, 거래법 목적상 "제출"이 아닌 "제공"으로 간주됩니다.
Carnival Corporation & plc (NYSE : CCL, CUK) a déposé un formulaire 8-K pour annoncer la clôture d’une offre privée de 1,0 milliard d’euros (environ 1,1 milliard de dollars US) d’obligations senior non garanties à 4,125 % échéant en 2031. Les obligations ont été émises le 7 juillet 2025 dans le cadre d’un nouveau contrat de dette et sont garanties sur une base senior non garantie par Carnival Corporation et certaines filiales.
Utilisation des fonds : la direction remboursera intégralement le prêt senior garanti de premier rang de Carnival Corporation arrivant à échéance en 2027 et remboursera partiellement une facilité similaire arrivant à échéance en 2028. La transaction remplace ainsi des emprunts garantis à court terme par une dette non garantie arrivant à échéance trois à quatre ans plus tard, allongeant effectivement la durée de 1 milliard d’euros d’obligations et libérant les garanties affectées.
Principaux termes :
- Échéance : 15 juillet 2031.
- Coupon : 4,125 %, payé annuellement à partir du 15 juillet 2026.
- Remboursement optionnel : call make-whole jusqu’au 14 avril 2031 ; call au pair ensuite.
- Put en cas de changement de contrôle à 101 % du principal.
- Les engagements limitent les sûretés, les fusions et les transferts d’actifs ; les événements de défaut habituels s’appliquent.
Implications stratégiques : Le refinancement prolonge la durée moyenne pondérée de la dette de Carnival, convertit des obligations garanties en non garanties et diversifie modestement la composition monétaire vers l’euro. Bien que l’endettement global reste inchangé, l’émission non garantie pourrait réduire le coût moyen pondéré du capital si les prêts à terme remboursés comportaient des spreads plus élevés. Le paquet d’engagements offre une flexibilité supplémentaire par rapport à la dette de premier rang.
Les obligations ont été placées auprès d’investisseurs institutionnels qualifiés selon la règle 144A/Reg S et ne sont pas enregistrées en vertu du Securities Act. Un communiqué de presse annonçant la finalisation de l’offre (Exhibit 99.1) a été simultanément fourni sous l’item 7.01 et est considéré comme "fourni" plutôt que "déposé" aux fins de la loi sur les échanges.
Carnival Corporation & plc (NYSE: CCL, CUK) hat eine 8-K-Meldung eingereicht, um den Abschluss einer privaten Platzierung von 1,0 Milliarden Euro (ca. 1,1 Milliarden US-Dollar) von 4,125% Senior unbesicherten Anleihen mit Fälligkeit 2031 bekanntzugeben. Die Anleihen wurden am 7. Juli 2025 unter einer neuen Schuldverschreibung ausgegeben und sind von Carnival Corporation und bestimmten Tochtergesellschaften auf Senior-unbesicherter Basis garantiert.
Verwendung der Erlöse: Das Management wird den vorrangigen, besicherten Terminkredit von Carnival Corporation, der 2027 fällig wird, vollständig zurückzahlen und eine ähnliche Finanzierung mit Fälligkeit 2028 teilweise zurückzahlen. Die Transaktion ersetzt somit kurzfristige besicherte Verbindlichkeiten durch unbesicherte Schulden mit Fälligkeit drei bis vier Jahre später, wodurch effektiv Verbindlichkeiten in Höhe von 1 Milliarde Euro verlängert und verpfändete Sicherheiten freigegeben werden.
Wesentliche Bedingungen:
- Fälligkeit: 15. Juli 2031.
- Kupon: 4,125%, jährlich zahlbar ab 15. Juli 2026.
- Optionale Rückzahlung: Make-whole Call bis 14. April 2031; danach Rückzahlung zum Nennwert.
- Change-of-Control-Put zu 101 % des Kapitals.
- Vertragsklauseln beschränken Sicherheiten, Fusionen und Vermögensübertragungen; übliche Ereignisse von Verzug gelten.
Strategische Implikationen: Die Refinanzierung verlängert die gewichtete durchschnittliche Laufzeit der Carnival-Schulden, wandelt besicherte Verbindlichkeiten in unbesicherte um und diversifiziert die Währungsstruktur leicht in Richtung Euro. Obwohl die Gesamtverschuldung unverändert bleibt, könnte die unbesicherte Emission die gewichteten Kapitalkosten des Unternehmens senken, falls die zurückgezahlten Terminkredite höhere Spreads hatten. Das Covenant-Paket bietet im Vergleich zu vorrangigen Schulden zusätzliche Flexibilität.
Die Anleihen wurden gemäß Rule 144A/Reg S an qualifizierte institutionelle Käufer platziert und sind nicht nach dem Securities Act registriert. Eine Pressemitteilung zur Bekanntgabe des Abschlusses der Platzierung (Anlage 99.1) wurde gleichzeitig unter Punkt 7.01 eingereicht und gilt für Zwecke des Exchange Act als "bereitgestellt" und nicht als "eingereicht".
- Extends debt maturity profile by replacing 2027/2028 term loans with notes maturing in 2031.
- Converts secured borrowings to unsecured, freeing collateral and improving financial flexibility.
- Competitive fixed coupon of 4.125% signals market confidence and may lower weighted average interest cost.
- Maintains high leverage; net debt does not decline as proceeds are used for refinancing.
- Introduces incremental euro-denominated debt, adding currency translation risk to earnings and cash flow.
Insights
TL;DR: Carnival exchanges nearer-term secured debt for longer-dated unsecured notes, modestly improving liquidity and collateral flexibility.
The €1 billion 4.125% notes push maturities to 2031, two-to-four years beyond the repaid 2027/2028 first-lien loans. Moving from secured to unsecured status frees collateral, reducing balance-sheet encumbrance and potentially easing future fundraising. Coupon looks competitive versus recent cruise-sector prints, suggesting market confidence in Carnival’s post-pandemic recovery trajectory. Currency mismatch introduces euro exposure, but cash flows from European brands provide a partial natural hedge. Overall, leverage remains high yet the deal is credit-positive by extending runway and simplifying the capital structure.
TL;DR: Refinancing shifts risk profile slightly positive; equity impact limited near term.
From an investor lens, the transaction is largely a liability-management exercise: no change to net debt, but better laddering and less restrictive covenants. Equity holders gain from lower refinancing risk through 2028 and potential interest-cost savings if the outgoing term loans floated above 4.125% + EURIBOR equivalents. Nevertheless, Carnival’s overall leverage and cyclical exposure remain elevated, so the news is more about balance-sheet housekeeping than a transformational event. I classify it as moderately impactful and directionally positive.
Carnival Corporation & plc (NYSE: CCL, CUK) ha presentato un modulo 8-K per comunicare la chiusura di un offerta privata da 1,0 miliardi di euro (circa 1,1 miliardi di dollari USA) di obbligazioni senior non garantite al 4,125% con scadenza 2031. Le obbligazioni sono state emesse il 7 luglio 2025 sotto un nuovo atto di emissione e sono garantite su base senior non garantita da Carnival Corporation e alcune sue controllate.
Utilizzo dei proventi: la direzione utilizzerà i fondi per rimborsare integralmente il prestito a termine senior garantito di prima priorità di Carnival Corporation in scadenza nel 2027 e rimborsare parzialmente un finanziamento simile con scadenza 2028. L’operazione sostituisce quindi prestiti garantiti a breve termine con debito non garantito che scade tra tre o quattro anni, estendendo efficacemente la scadenza di 1 miliardo di euro di obbligazioni e liberando garanzie vincolate.
Termini principali:
- Scadenza: 15 luglio 2031.
- Coupon: 4,125%, pagato annualmente a partire dal 15 luglio 2026.
- Rimborso opzionale: call make-whole fino al 14 aprile 2031; call a valore nominale successivamente.
- Put in caso di cambio di controllo al 101% del capitale.
- I covenant limitano gravami, fusioni e trasferimenti di asset; si applicano eventi di default consueti.
Implicazioni strategiche: Il rifinanziamento estende la durata media ponderata del debito di Carnival, converte obbligazioni garantite in non garantite e diversifica leggermente la composizione valutaria verso l’euro. Pur mantenendo invariato il livello complessivo di indebitamento, l’emissione non garantita potrebbe ridurre il costo medio del capitale se i prestiti rimborsati avevano spread più elevati. Il pacchetto di covenant offre una maggiore flessibilità rispetto al debito di primo grado.
Le obbligazioni sono state collocate presso investitori istituzionali qualificati secondo la Regola 144A/Regolamento S e non sono registrate ai sensi del Securities Act. Un comunicato stampa che annuncia il completamento dell’offerta (Allegato 99.1) è stato fornito contemporaneamente sotto la voce 7.01 e viene considerato "fornito" piuttosto che "depositato" ai fini dell’Exchange Act.
Carnival Corporation & plc (NYSE: CCL, CUK) presentó un formulario 8-K para informar el cierre de una oferta privada de 1.000 millones de euros (aproximadamente 1.100 millones de dólares) de notas senior no garantizadas al 4,125% con vencimiento en 2031. Las notas se emitieron el 7 de julio de 2025 bajo un nuevo contrato y están garantizadas en forma senior no garantizada por Carnival Corporation y ciertas subsidiarias.
Uso de los fondos: la dirección usará los ingresos para pagar completamente el préstamo a término senior garantizado de primera prioridad de Carnival Corporation que vence en 2027 y pagar parcialmente una facilidad similar que vence en 2028. Por lo tanto, la transacción reemplaza préstamos garantizados a corto plazo con deuda no garantizada que vence tres o cuatro años después, extendiendo efectivamente el plazo de 1.000 millones de euros de obligaciones y liberando las garantías prendarias.
Términos clave:
- Vencimiento: 15 de julio de 2031.
- Cupones: 4,125%, pagaderos anualmente a partir del 15 de julio de 2026.
- Redención opcional: llamada make-whole hasta el 14 de abril de 2031; llamada a valor nominal después de esa fecha.
- Put por cambio de control al 101% del principal.
- Los convenios restringen gravámenes, fusiones y transferencias de activos; se aplican eventos habituales de incumplimiento.
Implicaciones estratégicas: La refinanciación extiende el vencimiento promedio ponderado de la deuda de Carnival, convierte obligaciones garantizadas en no garantizadas y diversifica modestamente la mezcla de monedas hacia el euro. Aunque el apalancamiento total no cambia, la emisión no garantizada podría reducir el costo promedio ponderado de capital si los préstamos a término reembolsados tenían spreads más altos. El paquete de convenios proporciona flexibilidad adicional en comparación con la deuda de primer gravamen.
Las notas fueron colocadas con compradores institucionales calificados bajo la Regla 144A/Reg S y no están registradas bajo la Ley de Valores. Un comunicado de prensa anunciando la finalización de la oferta (Exhibición 99.1) se presentó simultáneamente bajo el ítem 7.01 y se considera "proporcionado" en lugar de "presentado" para fines de la Ley de Intercambio.
Carnival Corporation & plc (NYSE: CCL, CUK)는 8-K 서류를 제출하여 10억 유로(약 11억 달러) 규모의 4.125% 선순위 무담보 채권, 2031년 만기 사모 발행 완료를 공시했습니다. 이 채권은 2025년 7월 7일 새로운 약관 하에 발행되었으며 Carnival Corporation 및 일부 자회사가 선순위 무담보로 보증합니다.
자금 사용 목적: 경영진은 2027년 만기인 Carnival Corporation의 1순위 선순위 담보 대출을 전액 상환하고 2028년 만기 유사 대출을 부분 상환할 예정입니다. 이 거래는 단기 담보 차입금을 만기 3~4년 후인 무담보 부채로 대체하여, 약 10억 유로의 채무 만기를 연장하고 담보를 해제하는 효과가 있습니다.
주요 조건:
- 만기: 2031년 7월 15일.
- 이자율: 4.125%, 2026년 7월 15일부터 연간 지급.
- 선택적 상환: 2031년 4월 14일까지 메이크홀 콜, 이후 액면가 콜 가능.
- 지배권 변경 시 101% 원금에 풋옵션 부여.
- 약정은 담보 설정, 합병 및 자산 이전을 제한하며, 일반적인 디폴트 이벤트가 적용됩니다.
전략적 의미: 이번 재융자는 Carnival의 부채 가중평균 만기를 연장하고 담보 부채를 무담보로 전환하며, 통화 구성을 유로화 쪽으로 다소 다양화합니다. 전체 레버리지는 변하지 않지만, 상환된 대출의 스프레드가 높았다면 무담보 발행이 회사의 가중평균 자본 비용을 낮출 수 있습니다. 약정 조건은 선순위 담보 부채 대비 추가적인 유연성을 제공합니다.
이 채권은 Rule 144A/Reg S에 따라 적격 기관 투자자에게 배정되었으며, 증권법에 등록되지 않았습니다. 공시 완료를 알리는 보도자료(전시물 99.1)는 항목 7.01에 따라 동시에 제출되었으며, 거래법 목적상 "제출"이 아닌 "제공"으로 간주됩니다.
Carnival Corporation & plc (NYSE : CCL, CUK) a déposé un formulaire 8-K pour annoncer la clôture d’une offre privée de 1,0 milliard d’euros (environ 1,1 milliard de dollars US) d’obligations senior non garanties à 4,125 % échéant en 2031. Les obligations ont été émises le 7 juillet 2025 dans le cadre d’un nouveau contrat de dette et sont garanties sur une base senior non garantie par Carnival Corporation et certaines filiales.
Utilisation des fonds : la direction remboursera intégralement le prêt senior garanti de premier rang de Carnival Corporation arrivant à échéance en 2027 et remboursera partiellement une facilité similaire arrivant à échéance en 2028. La transaction remplace ainsi des emprunts garantis à court terme par une dette non garantie arrivant à échéance trois à quatre ans plus tard, allongeant effectivement la durée de 1 milliard d’euros d’obligations et libérant les garanties affectées.
Principaux termes :
- Échéance : 15 juillet 2031.
- Coupon : 4,125 %, payé annuellement à partir du 15 juillet 2026.
- Remboursement optionnel : call make-whole jusqu’au 14 avril 2031 ; call au pair ensuite.
- Put en cas de changement de contrôle à 101 % du principal.
- Les engagements limitent les sûretés, les fusions et les transferts d’actifs ; les événements de défaut habituels s’appliquent.
Implications stratégiques : Le refinancement prolonge la durée moyenne pondérée de la dette de Carnival, convertit des obligations garanties en non garanties et diversifie modestement la composition monétaire vers l’euro. Bien que l’endettement global reste inchangé, l’émission non garantie pourrait réduire le coût moyen pondéré du capital si les prêts à terme remboursés comportaient des spreads plus élevés. Le paquet d’engagements offre une flexibilité supplémentaire par rapport à la dette de premier rang.
Les obligations ont été placées auprès d’investisseurs institutionnels qualifiés selon la règle 144A/Reg S et ne sont pas enregistrées en vertu du Securities Act. Un communiqué de presse annonçant la finalisation de l’offre (Exhibit 99.1) a été simultanément fourni sous l’item 7.01 et est considéré comme "fourni" plutôt que "déposé" aux fins de la loi sur les échanges.
Carnival Corporation & plc (NYSE: CCL, CUK) hat eine 8-K-Meldung eingereicht, um den Abschluss einer privaten Platzierung von 1,0 Milliarden Euro (ca. 1,1 Milliarden US-Dollar) von 4,125% Senior unbesicherten Anleihen mit Fälligkeit 2031 bekanntzugeben. Die Anleihen wurden am 7. Juli 2025 unter einer neuen Schuldverschreibung ausgegeben und sind von Carnival Corporation und bestimmten Tochtergesellschaften auf Senior-unbesicherter Basis garantiert.
Verwendung der Erlöse: Das Management wird den vorrangigen, besicherten Terminkredit von Carnival Corporation, der 2027 fällig wird, vollständig zurückzahlen und eine ähnliche Finanzierung mit Fälligkeit 2028 teilweise zurückzahlen. Die Transaktion ersetzt somit kurzfristige besicherte Verbindlichkeiten durch unbesicherte Schulden mit Fälligkeit drei bis vier Jahre später, wodurch effektiv Verbindlichkeiten in Höhe von 1 Milliarde Euro verlängert und verpfändete Sicherheiten freigegeben werden.
Wesentliche Bedingungen:
- Fälligkeit: 15. Juli 2031.
- Kupon: 4,125%, jährlich zahlbar ab 15. Juli 2026.
- Optionale Rückzahlung: Make-whole Call bis 14. April 2031; danach Rückzahlung zum Nennwert.
- Change-of-Control-Put zu 101 % des Kapitals.
- Vertragsklauseln beschränken Sicherheiten, Fusionen und Vermögensübertragungen; übliche Ereignisse von Verzug gelten.
Strategische Implikationen: Die Refinanzierung verlängert die gewichtete durchschnittliche Laufzeit der Carnival-Schulden, wandelt besicherte Verbindlichkeiten in unbesicherte um und diversifiziert die Währungsstruktur leicht in Richtung Euro. Obwohl die Gesamtverschuldung unverändert bleibt, könnte die unbesicherte Emission die gewichteten Kapitalkosten des Unternehmens senken, falls die zurückgezahlten Terminkredite höhere Spreads hatten. Das Covenant-Paket bietet im Vergleich zu vorrangigen Schulden zusätzliche Flexibilität.
Die Anleihen wurden gemäß Rule 144A/Reg S an qualifizierte institutionelle Käufer platziert und sind nicht nach dem Securities Act registriert. Eine Pressemitteilung zur Bekanntgabe des Abschlusses der Platzierung (Anlage 99.1) wurde gleichzeitig unter Punkt 7.01 eingereicht und gilt für Zwecke des Exchange Act als "bereitgestellt" und nicht als "eingereicht".
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported)
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| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | |
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| (I.R.S. Employer Identification No.) | (I.R.S. Employer Identification No.) | |
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| None | None | |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust | , Inc. | |||
Indicate by check mark whether the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2) of this chapter).
Emerging growth companies
If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement. |
Indenture
On July 7, 2025, Carnival plc (the “Company”) closed its previously announced private offering (the “Notes Offering”) of €1.0 billion aggregate principal amount of 4.125% senior unsecured notes due 2031 (the “Notes”). The Notes were issued pursuant to an indenture, dated as of July 7, 2025 (the “Indenture”), among the Company, Carnival Corporation, the subsidiary guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. The Company will use the proceeds from the Notes Offering 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.
The Notes will mature on July 15, 2031 unless earlier redeemed or repurchased. Interest on the Notes will accrue from July 7, 2025 and is payable annually in arrears on July 15 of each year, commencing on July 15, 2026, at a rate of 4.125% per year.
The Notes are guaranteed on a senior unsecured basis by Carnival Corporation and certain of the Company’s and Carnival Corporation’s subsidiaries (the “Subsidiary Guarantors”) that also guarantee certain of the Company’s existing first-priority secured indebtedness, certain of its unsecured notes and its convertible notes. In the future, each of the Company’s and Carnival Corporation’s subsidiaries that becomes an issuer, borrower, obligor or guarantor of certain other indebtedness for borrowed money of the Company, Carnival Corporation or any Subsidiary Guarantor will be required to guarantee the Notes, subject to certain exceptions.
Prior to April 15, 2031, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus a “make whole” premium and accrued and unpaid interest. On or after April 15, 2031, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest.
The Indenture contains certain restrictions on liens, mergers, consolidations and transfers of substantially all of the Company’s or Carnival Corporation’s assets. Additionally, upon the occurrence of specified change of control triggering events, the Company will be required to offer to repurchase the Notes at 101% of the principal amount, plus accrued and unpaid interest to the purchase date.
The Indenture sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default after which the Notes become automatically due and payable.
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”), or to non-U.S. investors in reliance on Regulation S under the Securities Act. 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 the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
| Item 7.01 | Regulation FD Disclosure. |
On July 7, 2025, the Company issued a press release announcing the closing of the Notes Offering. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated by reference herein. The press release includes forward-looking statements. See “Cautionary Note Concerning Forward-Looking Statements” within the press release for additional information.
The Company is furnishing the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, to comply with Regulation FD. Such information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press release of Carnival Corporation and Carnival plc dated July 7, 2025. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARNIVAL CORPORATION | CARNIVAL PLC | |||
| By: | /s/ David Bernstein | By: | /s/ David Bernstein | |
| Name: | David Bernstein | Name: | David Bernstein | |
| Title: | Chief Financial Officer and Chief Accounting Officer | Title: | Chief Financial Officer and Chief Accounting Officer | |
Date: July 7, 2025 |
Date: July 7, 2025 | |||
FAQ
What did Carnival (CCL) announce in its July 7 2025 8-K?
How will Carnival use the €1 billion note proceeds?
What is the interest rate and payment schedule for the new notes?
Are the new notes secured or unsecured?
When can Carnival redeem the notes early?
Will the notes trade on a public exchange?
