Carnival Corporation & plc successfully closed a private offering of €500 million 5.75% senior unsecured notes due 2030, with the proceeds aimed at redeeming €500 million 7.625% senior unsecured notes due 2026, resulting in nearly 2% interest expense reduction. The redemption is scheduled for April 26, 2024. Concurrently, the company repriced approximately $1.75 billion of 2028 first-priority senior secured term loans and $1 billion of 2027 first-priority senior secured term loans, leading to a partial prepayment of $800 million under its Senior Secured First Lien Term Loan B Facilities. These strategic financial moves are part of Carnival's ongoing efforts to reduce debt and interest expenses, which are expected to decrease net interest expense by over $30 million for the remainder of 2024 and by over $50 million annually. The notes will pay annual interest starting...Show More

Carnival Corporation & plc successfully closed a private offering of €500 million 5.75% senior unsecured notes due 2030, with the proceeds aimed at redeeming €500 million 7.625% senior unsecured notes due 2026, resulting in nearly 2% interest expense reduction. The redemption is scheduled for April 26, 2024. Concurrently, the company repriced approximately $1.75 billion of 2028 first-priority senior secured term loans and $1 billion of 2027 first-priority senior secured term loans, leading to a partial prepayment of $800 million under its Senior Secured First Lien Term Loan B Facilities. These strategic financial moves are part of Carnival's ongoing efforts to reduce debt and interest expenses, which are expected to decrease net interest expense by over $30 million for the remainder of 2024 and by over $50 million annually. The notes will pay annual interest starting January 15, 2025, and mature on January 15, 2030. They are guaranteed by Carnival plc and certain subsidiaries. The repriced loans will bear interest at SOFR plus a 2.75% margin. PJT Partners acted as independent financial advisor for the transactions. The notes were offered to qualified institutional buyers and non-U.S. investors, and will not be registered under the Securities Act or any state securities laws.