Carnival Corporation & plc Announces Pricing of $1.0 Billion 5.875% Senior Unsecured Notes Offering for Refinancing and Interest Expense Reduction

Core Viewpoint - Carnival Corporation & plc is executing a private offering of $1.0 billion in senior unsecured notes at a 5.875% interest rate, aimed at redeeming $993 million of its existing higher-interest unsecured notes due in 2026, thereby reducing interest expenses and managing future debt maturities [1][2]. Group 1: Notes Offering Details - The Notes Offering will close on May 21, 2025, with the redemption of the 2026 Unsecured Notes expected to occur on May 22, 2025, contingent upon the closing of the Notes Offering [3]. - The new notes will pay interest semi-annually starting December 15, 2025, and will mature on June 15, 2031 [4]. Group 2: Financial Impact - The transaction is projected to reduce net annual interest expenses by over $20 million until the maturity date of the 2026 Unsecured Notes, following a previous partial redemption of $350 million earlier in the year [2]. - The new notes will be governed by investment grade-style covenants, enhancing the financial stability of the company [2]. Group 3: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a diverse portfolio of cruise lines [8].