Carnival Corporation & plc Announces Pricing of $1.25 Billion 5.125% Senior Unsecured Notes Offering

Core Viewpoint - Carnival Corporation is conducting a private offering of $1.25 billion in senior unsecured notes at a 5.125% interest rate, aimed at redeeming $2.0 billion of existing higher-interest notes due in 2029, as part of its strategy to reduce interest expenses [1][2]. Group 1: Notes Offering Details - The offering consists of $1.25 billion aggregate principal amount of 5.125% senior unsecured notes due 2029 [1]. - Proceeds from the offering, along with cash on hand, will be used to redeem the $2.0 billion 6.000% senior unsecured notes due 2029 [2]. - The Notes will pay interest semi-annually starting May 1, 2026, and will mature on May 1, 2029 [4]. Group 2: Transaction Structure - The Notes will be fully and unconditionally guaranteed on an unsecured basis by Carnival plc and certain subsidiaries [4]. - The transaction is expected to close on October 15, 2025, subject to customary closing conditions [3]. - The indenture governing the Notes will include investment grade-style covenants [2]. Group 3: Regulatory and Offering Information - The Notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S [5]. - The Notes will not be registered under the Securities Act and may not be sold in the U.S. without registration or an exemption [6].