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Carnival prices $1bn senior unsecured notes due 2030

Carnival Corp. priced its private offering of $1bn 10.5% senior unsecured notes due 2030.

Anne Kalosh, Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

May 18, 2022

1 Min Read
Credit: Seatrade Cruise News

The offering is expected to close on May 25.

The notes are callable beginning June 1, 2025.

They will be guaranteed by Carnival plc and certain subsidiaries that own or operate vessels and material intellectual property and that guarantee some of the company's other debt, including its first-priority secured debt and second-priority secured debt.

Use of proceeds

Net proceeds are expected to be used to make scheduled principal payments on debt during fiscal 2023 and for general corporate purposes including repaying debt and financing or refinancing a portion of the purchase price, rental payments, costs and expenses of current and future property, plant and equipment (including leased assets and vessels) and their maintenance, repair, replacement and improvements. Proceeds may also be used to pay for vessels' ready-for-sea costs.

The notes are being offered only to qualified institutional buyers outside the US.

PJT Partners is serving as independent financial advisor to Carnival Corp. & plc.

Read more about:

Carnival Corp. & plc

About the Author

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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