[8-K] CARNIVAL PLC Reports Material Event
Carnival Corporation & plc completed a private offering of $1.25 billion senior unsecured notes due 2029 at 5.125%, and will use the proceeds, together with cash on hand, to redeem all of its outstanding $2.0 billion 6.000% senior unsecured notes due 2029.
The new notes accrue interest from October 15, 2025 and pay semi-annually on May 1 and November 1, starting May 1, 2026. They are guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries. Prior to February 1, 2029, the notes are redeemable at par plus a make‑whole premium; on or after that date, at 100% plus accrued interest.
Carnival issued a redemption notice to retire the $2.0 billion 2029 notes on November 1, 2025 at 101.500% of principal, plus accrued interest. The offering was made to qualified institutional buyers under Rule 144A and to non‑U.S. investors under Regulation S and was not registered under the Securities Act.
Carnival Corporation & plc ha completato un'offerta privata di obbligazioni senior non garantite per 1,25 miliardi di dollari, scadenza 2029, al tasso 5,125%, e utilizzerà i proventi, insieme alla liquidità disponibile, per rimborsare tutte le sue obbligazioni senior non garantite esistenti per 2,0 miliardi di dollari al tasso 6,000% con scadenza nel 2029.
Le nuove obbligazioni maturano interessi dal 15 ottobre 2025 e pagano interessi semestrali il 1 maggio e il 1 novembre, a partire dal 1 maggio 2026. Sono garantite in base a livello senior unsecured da Carnival plc e da alcune controllate. Prima del 1 febbraio 2029, le obbligazioni sono rimborsabili al valore nominale più un premio di make‑whole; a decorrere da tale data, al 100% più interessi maturati.
Carnival ha emesso un'avviso di rimborso per estinguere le obbligazioni 2,0 miliardi del 2029 il 1 novembre 2025 al 101,500% del capitale, più interessi maturati. L'offerta è stata rivolta agli acquirenti istituzionali qualificati ai sensi della Rule 144A e agli investitori non statunitensi ai sensi del Regulation S e non è stata registrata ai sensi del Securities Act.
Carnival Corporation & plc completó una oferta privada de bonos senior no garantizados por 1,25 mil millones de dólares con vencimiento en 2029 a un rendimiento de 5,125%, y utilizará los ingresos, junto con efectivo disponible, para canjear todas sus actuales notas senior no garantizadas por 2,0 mil millones de dólares con un cupón del 6,000% y vencimiento en 2029.
Las nuevas notas devengan intereses desde el 15 de octubre de 2025 y pagan intereses semestrales el 1 de mayo y el 1 de noviembre, a partir del 1 de mayo de 2026. Están respaldadas de forma senior no garantizada por Carnival plc y ciertas subsidiarias. Antes del 1 de febrero de 2029, las notas son canjeables al valor nominal más una prima por make-whole; a partir de esa fecha, al 100% más intereses acumulados.
Carnival emitió una notificación de redención para retirar las notas del 2,0 mil millones del 2029 el 1 de noviembre de 2025 al 101,500% del principal, más intereses acumulados. La oferta se realizó a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses conforme al Reglamento S y no fue registrada conforme a la Ley de Valores.
Carnival Corporation & plc은 2029년 만기를 가진 5.125%의 우선 비담보 채권을 12억 5천만 달러 규모로 비공개로 발행했고, 그 수익금과 현금을 합쳐 2029년 6.000%의 만기 채권 20억 달러의 상환에 사용할 예정입니다.
신규 채권은 2025년 10월 15일부터 이자를 발생시키며, 2026년 5월 1일과 11월 1일에 반년마다 이자를 지급합니다. 이 채권은 Carnival plc 및 일부 자회사에 의해 1순위 무담보로 보증됩니다. 2029년 2월 1일 이전에는 원금에 만회 프리미엄을 더한 금액으로 상환할 수 있으며, 해당 날짜 이후에는 원금의 100%와 누적 이자를 지급합니다.
Carnival은 2025년 11월 1일에 20억 달러의 2029년 채권을 원금의 101.500%와 누적 이자를 지불하고 상환하기 위한 상환 통지서를 발행했습니다. 본 제안은 Rule 144A에 따른 자격 있는 기관 투자자와 Reg Regulation S에 따른 비미국 투자자에게 제공되었으며 증권법상 등록되지 않았습니다.
Carnival Corporation & plc a finalisé une offre privée d’obligations senior non garanties d’un montant de 1,25 milliard de dollars arrivant à échéance en 2029 au taux de 5,125%, et utilisera les fonds, ainsi que la trésorerie disponible, pour racheter toutes ses obligations senior non garanties en circulation d’un montant de 2,0 milliards de dollars à un coupon de 6,000% arrivant à échéance en 2029.
Les nouvelles obligations génèrent des intérêts à partir du 15 octobre 2025 et paient des intérêts semestriels les 1er mai et 1er novembre, à compter du 1er mai 2026. Elles sont garantisées sur une base senior non garantie par Carnival plc et certaines filiales. Avant le 1er février 2029, les obligations peuvent être remboursées au pair plus une prime de make-whole; à partir de cette date, à 100% plus les intérêts courus.
Carnival a émis un avis de rachat pour retirer les obligations 2,0 milliards de 2029 le 1er novembre 2025 à 101,500% du principal, plus les intérêts courus. L’offre a été faite à des acheteurs institutionnels qualifiés en vertu de la Rule 144A et à des investisseurs non américains en vertu du Regulation S et n’a pas été enregistrée en vertu du Securities Act.
Carnival Corporation & plc hat eine private Platzierung von 1,25 Milliarden US-Dollar an Senior-Unsecured Notes mit Fälligkeit 2029 zu einem Zinssatz von 5,125% abgeschlossen und wird die Erlöse zusammen mit vorhandenen Barmitteln verwenden, um alle bestehenden 2,0 Milliarden US-Dollar Senior-Unsecured Notes mit einer Verzinsung von 6,000% fällig 2029 zurückzuzahlen.
Die neuen Notes verzinsen ab dem 15. Oktober 2025 und zahlen ab dem 1. Mai und 1. November jedes Halbjahr Zinsen, beginnend am 1. Mai 2026. Sie sind auf einer senior unsecured Basis durch Carnival plc und bestimmte Tochtergesellschaften garantiert. Vor dem 1. Februar 2029 sind die Notes zum Nennwert zuzüglich einer Make-Whole-Prämie rückzahlbar; ab diesem Datum zu 100% zuzüglich aufgelaufener Zinsen.
Carnival hat eine Rückzahlungserklärung abgegeben, um die 2,0 Milliarden US-Dollar Noten von 2029 am 1. November 2025 zu 101,500% des Nennwerts zuzüglich aufgelaufener Zinsen zu tilgen. Das Angebot wurde an qualifizierte institutionelle Käufer gemäß Regel 144A und an nicht-US-Investoren gemäß Regulation S gerichtet und war nicht unter dem Securities Act registriert.
Carnival Corporation & plc أكملت طرحاً خاصاً لسندات دِين عُليا غير مضمونة بقيمة 1.25 مليار دولار مع استحقاق في 2029 وبعائد 5.125%، وستستخدم العوائد، مع النقد المتاح، لإعادة شراء جميع سنداتها العُليا غير المضمونة القائمة بقيمة قدرها 2.0 مليار دولار بعائد 6.000% واستحقاق في 2029.
تكسب السندات الجديدة فائدة اعتباراً من 15 أكتوبر 2025 وتدفع فائدة نصف سنوية في 1 مايو و1 نوفمبر، ابتداءً من 1 مايو 2026. وتضمن كضمان سُني غير مضمون من قبل Carnival plc وبعض الشركات التابعة. قبل 1 فبراير 2029، تكون السندات قابلة للاسترداد بالقيمة الاسمية بالإضافة إلى علاوة تعويض Make-Whole؛ اعتباراً من ذلك التاريخ، تكون عند 100% بالإضافة إلى الفوائد المتراكمة.
أصدرت Carnival إشعار استرداد لإطفاء سندات 2029 القيمتها 2.0 مليار دولار في 1 نوفمبر 2025 بسعر 101.500% من القيمة الأساسية، بالإضافة إلى الفوائد المتراكمة. تم طرح العرض للمشترين المؤسسات المؤهلين بموجب القاعدة 144A وللمستثمرين غير الأمريكيين تحت لائحة Regulation S ولم يكن مسجلاً بموجب قانون الأوراق المالية.
Carnival Corporation & plc 已完成一项私人发行，发行金额为 12.5亿美元的高级无担保票据，到期日为 2029，票面利率为 5.125%，并将与手头现金合并使用，用于赎回所有现有的 20亿美元 高级无担保票据，票息为 6.000%，到期于 2029 年。
新票据自 2025年10月15日 起计息，并自 2026年5月1日 起每年两次在 5月1日 和 11月1日 付息。它们由 Carnival plc 及若干子公司按高级无担保方式提供担保。在 2029年2月1日 之前，票据可按票面价值加全额错配权溢价赎回；在该日期及之后，按 100% 加累计利息赎回。
Carnival 已发出赎回通知，计划于 2025年11月1日 以 101.500% 的本金额加累计的利息赎回 2029 年的 20亿美元 票据。该发行面向符合条件的机构买家（Rule 144A）及 Regulation S 下的非美国投资者，未按《证券法》注册。
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Insights
Refinances 2029 debt, lowering coupon on a portion and extending flexibility.
Carnival sold
The new notes carry guarantees from Carnival plc and certain subsidiaries, include standard covenants on liens and mergers, and feature a change‑of‑control put at
Net interest outlays will reflect the lower
Carnival Corporation & plc ha completato un'offerta privata di obbligazioni senior non garantite per 1,25 miliardi di dollari, scadenza 2029, al tasso 5,125%, e utilizzerà i proventi, insieme alla liquidità disponibile, per rimborsare tutte le sue obbligazioni senior non garantite esistenti per 2,0 miliardi di dollari al tasso 6,000% con scadenza nel 2029.
Le nuove obbligazioni maturano interessi dal 15 ottobre 2025 e pagano interessi semestrali il 1 maggio e il 1 novembre, a partire dal 1 maggio 2026. Sono garantite in base a livello senior unsecured da Carnival plc e da alcune controllate. Prima del 1 febbraio 2029, le obbligazioni sono rimborsabili al valore nominale più un premio di make‑whole; a decorrere da tale data, al 100% più interessi maturati.
Carnival ha emesso un'avviso di rimborso per estinguere le obbligazioni 2,0 miliardi del 2029 il 1 novembre 2025 al 101,500% del capitale, più interessi maturati. L'offerta è stata rivolta agli acquirenti istituzionali qualificati ai sensi della Rule 144A e agli investitori non statunitensi ai sensi del Regulation S e non è stata registrata ai sensi del Securities Act.
Carnival Corporation & plc completó una oferta privada de bonos senior no garantizados por 1,25 mil millones de dólares con vencimiento en 2029 a un rendimiento de 5,125%, y utilizará los ingresos, junto con efectivo disponible, para canjear todas sus actuales notas senior no garantizadas por 2,0 mil millones de dólares con un cupón del 6,000% y vencimiento en 2029.
Las nuevas notas devengan intereses desde el 15 de octubre de 2025 y pagan intereses semestrales el 1 de mayo y el 1 de noviembre, a partir del 1 de mayo de 2026. Están respaldadas de forma senior no garantizada por Carnival plc y ciertas subsidiarias. Antes del 1 de febrero de 2029, las notas son canjeables al valor nominal más una prima por make-whole; a partir de esa fecha, al 100% más intereses acumulados.
Carnival emitió una notificación de redención para retirar las notas del 2,0 mil millones del 2029 el 1 de noviembre de 2025 al 101,500% del principal, más intereses acumulados. La oferta se realizó a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses conforme al Reglamento S y no fue registrada conforme a la Ley de Valores.
Carnival Corporation & plc은 2029년 만기를 가진 5.125%의 우선 비담보 채권을 12억 5천만 달러 규모로 비공개로 발행했고, 그 수익금과 현금을 합쳐 2029년 6.000%의 만기 채권 20억 달러의 상환에 사용할 예정입니다.
신규 채권은 2025년 10월 15일부터 이자를 발생시키며, 2026년 5월 1일과 11월 1일에 반년마다 이자를 지급합니다. 이 채권은 Carnival plc 및 일부 자회사에 의해 1순위 무담보로 보증됩니다. 2029년 2월 1일 이전에는 원금에 만회 프리미엄을 더한 금액으로 상환할 수 있으며, 해당 날짜 이후에는 원금의 100%와 누적 이자를 지급합니다.
Carnival은 2025년 11월 1일에 20억 달러의 2029년 채권을 원금의 101.500%와 누적 이자를 지불하고 상환하기 위한 상환 통지서를 발행했습니다. 본 제안은 Rule 144A에 따른 자격 있는 기관 투자자와 Reg Regulation S에 따른 비미국 투자자에게 제공되었으며 증권법상 등록되지 않았습니다.
Carnival Corporation & plc a finalisé une offre privée d’obligations senior non garanties d’un montant de 1,25 milliard de dollars arrivant à échéance en 2029 au taux de 5,125%, et utilisera les fonds, ainsi que la trésorerie disponible, pour racheter toutes ses obligations senior non garanties en circulation d’un montant de 2,0 milliards de dollars à un coupon de 6,000% arrivant à échéance en 2029.
Les nouvelles obligations génèrent des intérêts à partir du 15 octobre 2025 et paient des intérêts semestriels les 1er mai et 1er novembre, à compter du 1er mai 2026. Elles sont garantisées sur une base senior non garantie par Carnival plc et certaines filiales. Avant le 1er février 2029, les obligations peuvent être remboursées au pair plus une prime de make-whole; à partir de cette date, à 100% plus les intérêts courus.
Carnival a émis un avis de rachat pour retirer les obligations 2,0 milliards de 2029 le 1er novembre 2025 à 101,500% du principal, plus les intérêts courus. L’offre a été faite à des acheteurs institutionnels qualifiés en vertu de la Rule 144A et à des investisseurs non américains en vertu du Regulation S et n’a pas été enregistrée en vertu du Securities Act.
Carnival Corporation & plc hat eine private Platzierung von 1,25 Milliarden US-Dollar an Senior-Unsecured Notes mit Fälligkeit 2029 zu einem Zinssatz von 5,125% abgeschlossen und wird die Erlöse zusammen mit vorhandenen Barmitteln verwenden, um alle bestehenden 2,0 Milliarden US-Dollar Senior-Unsecured Notes mit einer Verzinsung von 6,000% fällig 2029 zurückzuzahlen.
Die neuen Notes verzinsen ab dem 15. Oktober 2025 und zahlen ab dem 1. Mai und 1. November jedes Halbjahr Zinsen, beginnend am 1. Mai 2026. Sie sind auf einer senior unsecured Basis durch Carnival plc und bestimmte Tochtergesellschaften garantiert. Vor dem 1. Februar 2029 sind die Notes zum Nennwert zuzüglich einer Make-Whole-Prämie rückzahlbar; ab diesem Datum zu 100% zuzüglich aufgelaufener Zinsen.
Carnival hat eine Rückzahlungserklärung abgegeben, um die 2,0 Milliarden US-Dollar Noten von 2029 am 1. November 2025 zu 101,500% des Nennwerts zuzüglich aufgelaufener Zinsen zu tilgen. Das Angebot wurde an qualifizierte institutionelle Käufer gemäß Regel 144A und an nicht-US-Investoren gemäß Regulation S gerichtet und war nicht unter dem Securities Act registriert.
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)
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | |
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| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | |
| (Commission File Number) | (Commission File Number) | |
| (I.R.S. Employer Identification No.) | (I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) (Zip code) |
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| (Registrant’s telephone number, including area code) | (Registrant’s telephone number, including area code) | |
| 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 October 15, 2025, Carnival Corporation (the “Company”) closed its previously announced private offering (the “Notes Offering”) of $1.25 billion aggregate principal amount of 5.125% senior unsecured notes due 2029 (the “Notes”). The Notes were issued pursuant to an indenture, dated as of October 15, 2025 (the “Indenture”), among the Company, Carnival plc, 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, together with cash on hand, to redeem all of its outstanding 6.000% senior unsecured notes due 2029 (the “2029 Unsecured Notes”).
The Notes will mature on May 1, 2029 unless earlier redeemed or repurchased. Interest on the Notes will accrue from October 15, 2025 and is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2026, at a rate of 5.125% per year.
The Notes are guaranteed on a senior unsecured basis by Carnival plc and certain of the Company’s and Carnival plc’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 plc’s subsidiaries that becomes an issuer, borrower, obligor or guarantor of certain other indebtedness for borrowed money of the Company, Carnival plc or any Subsidiary Guarantor will be required to guarantee the Notes, subject to certain exceptions.
Prior to February 1, 2029, 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 February 1, 2029, 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 plc’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 October 15, 2025, the Company issued a notice of redemption for all of the $2.0 billion aggregate principal amount of its 2029 Unsecured Notes to be redeemed on November 1, 2025 (the “Redemption Date”) at a redemption price equal to 101.500% of the principal amount of the 2029 Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date.
On October 15, 2025, the Company issued a press release announcing the closing of the Notes Offering and the issuance of the notice of redemption. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated by reference herein. Neither this current report nor the press release constitutes a notice of redemption with respect to the 2029 Unsecured Notes. 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 October 15, 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: October 15, 2025 |
Date: October 15, 2025 | |||
FAQ
What did CUK (Carnival plc/Carnival Corporation & plc) announce?
How will Carnival use the proceeds from the new notes?
What is the redemption price for the 2029 Unsecured Notes being retired?
What are the key terms of the new 5.125% notes?
Are the new notes registered with the SEC?
Can Carnival redeem the new notes early?
