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

Core Viewpoint - Carnival Corporation has successfully closed a private offering of $1.0 billion in senior unsecured notes, which will be used to redeem existing higher-interest debt, thereby reducing interest expenses and managing future debt maturities [1][2]. Group 1: Notes Offering Details - The offering consists of $1.0 billion aggregate principal amount of 5.875% senior unsecured notes due in 2031 [1]. - The proceeds will be utilized to redeem $993 million of 7.625% senior unsecured notes due in 2026, with the redemption scheduled for May 22, 2025 [1][2]. - The company anticipates a reduction in net interest expense exceeding $20 million through this transaction and a prior partial redemption of $350 million of the 2026 Unsecured Notes [2]. Group 2: Financial Structure and Guarantees - The new notes will pay interest semi-annually at a rate of 5.875%, starting December 15, 2025, and will mature on June 15, 2031 [3]. - The notes will be unsecured and guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries [3]. Group 3: Regulatory and Offering Conditions - The notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S [4]. - The notes will not be registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption [5]. Group 4: Company Overview - Carnival Corporation & plc is recognized as the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of well-known cruise lines [7].