Carnival Corporation Begins Private Offering Of EUR 500 Mln In Sr. Notes

(RTTNews) - Carnival Corporation & Plc (CUK), a cruise company, said on Tuesday that it has commenced a private offering of new senior unsecured notes of 500 million euros, expected to mature in 2030, to refinance its 500 million euros 7.625 percent senior notes due 2026.

The company issued a conditional notice of redemption for the entire of 2026 Euro unsecured notes to be redeemed on or about April 26, 2024 at a redemption price equal to 101.906 percent of the principal amount of the 2026 Euro unsecured notes, and accrued and unpaid interest.

Carnival intends to fund the redemption using the net proceeds from the notes offering and cash on hand.

In addition, the company expects to begin the marketing of a repricing transaction with respect to its $2.3 billion first-priority senior secured term loan facility maturing in 2028 and its $1.3 billion senior secured term loan facility maturing in 2027.

As part of the repricing transaction, Carnival expects to make partial prepayments of outstanding amounts under the 2028 secured term loan facility and the 2027 secured term loan facility in an amount of up to $800 million.