Core Viewpoint - Carnival Corporation has successfully closed a private offering of $3.0 billion in senior unsecured notes, which will be used to repay existing borrowings and redeem a portion of its unsecured notes due in 2027 [1][2][3]. Group 1: Financial Strategy - The proceeds from the notes offering will fully repay borrowings under the senior secured term loan facility maturing in 2028 and will also be used to redeem $2.4 billion of 5.750% senior unsecured notes due 2027 [2][3]. - The company has refinanced nearly $11 billion of debt and prepaid $1.1 billion of debt in the current year, significantly reducing its secured debt by nearly 70% since Q4 2021 [3]. Group 2: Notes Offering Details - The notes will pay interest semi-annually at a rate of 5.75% per year, starting February 1, 2026, and will mature on August 1, 2032 [4]. - The notes are unsecured and will be guaranteed on a senior unsecured basis by Carnival plc and certain subsidiaries [4]. Group 3: Redemption Information - A conditional notice of redemption for the $2.4 billion of 2027 Unsecured Notes has been issued, with the redemption scheduled for July 17, 2025 [3].

Industry Overview - The Leisure and Recreation Services industry is experiencing growth due to optimized business processes, consistent partnerships, and digital initiatives [1] - Strong demand for concerts, easing trade tensions, and robust bookings for cruise operators are supporting the industry [1][2] Cruise Industry - The cruise industry is benefiting from strong demand and increasing booking volumes, with solid pricing and onboard spending contributing positively [3] - Carnival Corporation & plc (CCL) is raising its full-year 2025 guidance due to sustained demand strength and operational efficiency [5][6] - CCL has an expected revenue growth rate of 5.4% and earnings growth rate of 38% for the current year [6] Theme Park Industry - The theme park industry is also seeing robust demand, with operators benefiting from improved visitation [3] Company Highlights - **Carnival Corporation & plc (CCL)**: Zacks Rank 2, benefiting from increased booking volumes and onboard revenues, with a P/E ratio of 15.1X compared to the industry average of 21.7X [5][7] - **Manchester United plc (MANU)**: Zacks Rank 1, expected revenue growth of 9.6% and earnings growth of 56.6% for the current year, with a potential upside of 50.1% from current brokerage targets [10][12][13] - **The Marcus Corporation (MCS)**: Zacks Rank 2, engaged in lodging and entertainment, with expected revenue growth of 5.2% and earnings growth of over 100% for the current year [14][15] - **Madison Square Garden Sports Corp. (MSGS)**: Zacks Rank 2, expected revenue growth of 6.5% and earnings growth of over 100% for the current year, with a potential price target increase of 24.8% [18][20] - **Pursuit Attractions and Hospitality Inc. (PRSU)**: Zacks Rank 1, expected revenue growth of 6.2% and earnings growth of 11% for the next year, with a potential price target increase of 44.4% [22][23][24]

Core Viewpoint - Carnival Corporation & plc has announced a private offering of $3.0 billion in senior unsecured notes, aimed at refinancing existing debt and managing future debt maturities [1][2][4]. Group 1: Notes Offering Details - The offering consists of $3.0 billion aggregate principal amount of 5.750% senior unsecured notes due 2032 [1][6]. - The proceeds will be used to fully repay borrowings under the senior secured term loan facility maturing in 2028 and to redeem $2.4 billion of 5.750% senior unsecured notes due 2027 [2][4]. - The transaction is expected to close on July 16, 2025, subject to customary closing conditions [5]. Group 2: Redemption and Debt Management - A conditional notice of redemption has been issued for the $2.4 billion of 2027 Unsecured Notes, set to be redeemed on July 17, 2025, at a price equal to 100% of the principal amount plus applicable premiums and interest [3]. - Following the completion of this transaction, the company's remaining senior secured debt will be $3.1 billion, with provisions for security fall away upon receiving investment grade ratings from two of the three rating agencies [4]. Group 3: Financial Terms - The notes will pay interest semi-annually at a rate of 5.75% per year, starting February 1, 2026, and will mature on August 1, 2032 [6]. - The notes will be fully and unconditionally guaranteed on an unsecured basis by Carnival plc and certain subsidiaries [6]. Group 4: Company Overview - Carnival Corporation & plc is the largest global cruise company and among the largest leisure travel companies, operating a portfolio of well-known cruise lines [10].

Core Viewpoint - Carnival Corporation & plc has successfully closed a private offering of €1.0 billion in senior unsecured notes, which will be used to repay existing borrowings and enhance its capital structure [1][2]. Group 1: Financial Details - The offering consists of 4.125% senior unsecured notes due in 2031, with interest payments starting on July 15, 2026 [2]. - Proceeds will be utilized to fully repay borrowings under the 2027 Term Loan Facility and partially repay borrowings under the 2028 Term Loan Facility [1]. - The company made a prepayment of $450.0 million towards the 2027 Term Loan Facility on June 27, 2025, as part of its deleveraging strategy [1]. Group 2: Investment Grade Status - The company is one notch away from achieving an investment grade credit rating, and this transaction is a step towards that goal [2]. Group 3: Offering Details - The notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S [3]. - The notes are not registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption [4]. Group 4: Company Overview - Carnival Corporation & plc is the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of well-known cruise lines [6].

Core Viewpoint - Carnival Corporation & plc has announced a private offering of €1.0 billion in senior unsecured notes to repay existing borrowings and manage its capital structure [1][2]. Group 1: Notes Offering Details - The offering consists of €1.0 billion aggregate principal amount of 4.125% senior unsecured notes due in 2031 [1]. - Proceeds will be used to fully repay borrowings under the 2027 Term Loan Facility and partially repay borrowings under the 2028 Term Loan Facility [1]. - The Notes will pay interest annually at a rate of 4.125%, starting on July 15, 2026, and will mature on July 15, 2031 [3]. Group 2: Offering Structure and Conditions - The Notes will be governed by investment grade-style covenants and will be fully guaranteed on an unsecured basis by Carnival Corporation and certain subsidiaries [3][2]. - The offering is targeted at qualified institutional buyers under Rule 144A and 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 3: Company Overview - Carnival Corporation & plc is the largest global cruise company and a major player in the leisure travel industry, operating a portfolio of well-known cruise lines [7].

Group 1 - Carnival Corporation & plc announced a private offering of new senior unsecured notes totaling €1.0 billion, maturing in 2031, aimed at repaying borrowings under existing senior secured term loan facilities maturing in 2027 and 2028 [1] - The indenture governing the notes is expected to include investment grade-style covenants [1] - The offering is targeted at qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S of the Securities Act [2] Group 2 - The notes will not be registered under the Securities Act or any state securities laws, and cannot be offered or sold in the U.S. without registration or an exemption [3] - The press release does not constitute an offer to sell or solicit offers to purchase the notes or any other securities [4] - Carnival Corporation & plc is recognized as the largest global cruise company and a major player in the leisure travel industry, operating several well-known cruise lines [5]

Core Viewpoint - Carnival Corporation & plc has successfully arranged a new $4.5 billion multi-currency revolving credit facility, enhancing its liquidity and supporting debt reduction efforts [1][2]. Group 1: Financial Arrangement - The new revolving credit facility matures in June 2030 and replaces the existing facility of Carnival Holdings (Bermuda) II Limited [1]. - The facility includes an accordion feature, allowing for up to $1.0 billion of additional revolving commitments, representing a 50 percent increase in available liquidity [1][2]. Group 2: Management Commentary - The Chief Financial Officer, David Bernstein, emphasized that the increase in the revolver reflects confidence in the company's performance and is a milestone in rebuilding its financial strength [2]. - Bernstein noted that the New Revolver is a testament to the company's ongoing business improvement and strong banking relationships [2]. Group 3: Security and Structure - The New Revolver will be unsecured and guaranteed on an unsecured basis by the same subsidiaries that guarantee the company's senior secured term loan facilities [3]. - Carnival Corporation and Carnival plc are entering into the New Revolver with a global syndicate of financial institutions, with JPMorgan Chase Bank, N.A. acting as the administrative agent [3]. Group 4: Company Overview - Carnival Corporation & plc is the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of world-class cruise lines [4].

Core Insights - Carnival Corporation achieved a 44% reduction in unit food waste in 2024 compared to 2019, surpassing its 2025 target of 40% a year early, and is on track for a 50% reduction by 2030 [1][2][3] - The company has avoided over $250 million in food costs since 2019 through its "Less Left Over" food management strategy, which enhances dining experiences while minimizing waste [2][3] Food Management Strategy - The "Less Left Over" strategy includes various programs and technologies aimed at reducing food waste by 50% by 2030, fostering a culture of creativity among its 160,000 employees [3][4] - The company employs a circular economy approach to repurpose food scraps into new products, such as vegan soap from coffee grounds and biofuel from used cooking oil [4][5] Technological Innovations - Carnival Corporation utilizes over 630 biodigesters fleetwide to liquefy uneaten food, significantly reducing its volume [6][7] - The company has installed over 90 dehydrators to remove excess water from food waste, shrinking the remaining volume by approximately 90% for potential use as organic mulch or compost [7] Sustainability Initiatives - The food management strategy is part of a broader waste management and circular economy initiative, focusing on efficient resource management and sustainability [8] - Carnival Corporation's efforts aim to reduce environmental impact while providing sustainable financial results for stakeholders [8]

Core Insights - Gauzy Ltd. is strategically expanding into the marine sector, targeting the $6.2 billion global marine glass market by scaling its smart glass applications for sustainable vessel design [1][2][5] - The company has secured nine programs in the maritime sector, indicating strong demand for its advanced PDLC and SPD smart glass technologies [2][3] - Gauzy's technologies are positioned to enhance guest experience while supporting operators' ESG goals by reducing energy consumption and emissions [5][6] Company Strategy - The CEO of Gauzy emphasized the high-margin nature of the marine segment and the company's focus on establishing smart glass as a standard for immersive travel experiences [3][5] - The company is leveraging its cross-industry expertise to solidify its leadership in marine smart surfaces, with the global smart glass market projected to reach $109 billion by 2028 [7] Market Trends - The cruise industry is undergoing a transformative growth cycle, with over 50 ships on order globally and increased investment in personalization, wellness, and green technologies [3][5] - Gauzy's light control technologies are applicable in various marine environments, enhancing both interior and exterior designs [3][4] Operational Readiness - Gauzy has established global production capabilities and a network of marine integration partners, positioning itself to meet the evolving technical needs of cruise ship builders [6][7] - The company is streamlining the process from design consultation to installation, supporting marine projects with flexible and scalable technologies [6][7]

Core Points - Richard Fain, the Chairman of Royal Caribbean Group since 1988, will step down in Q4 2025, transitioning to a Director role [1] - Jason Liberty, the current President and CEO, has been elected to succeed Fain as Chairman and CEO, effective Q4 2025 [1][3] - John Brock has taken on the role of Independent Lead Director, bringing experience from his previous leadership roles [2][4] Company Overview - Royal Caribbean Group is a leader in the vacation industry with a fleet of 67 ships across five brands, serving millions of guests annually [5] - The company operates brands such as Royal Caribbean, Celebrity Cruises, and Silversea, and is expanding its land-based vacation experiences [5] - Royal Caribbean Group also holds a 50% joint venture interest in TUI Cruises, which operates brands like Mein Schiff and Hapag-Lloyd Cruises [5]