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Carnival closes $2.4bn 4% notes offering in an interest-saving refinancing

Carnival Corp. & plc closed its private offering of $2.4bn 4% first-priority senior secured notes due 2028.

Carnival will use the net proceeds to fund a previously announced tender offer to purchase up to $2bn of its 11.5% first-priority senior secured notes due 2023.

$135m of interest savings annually

The new notes' 4% interest rate will replace existing debt carrying an 11.5% coupon and stretch out maturities, generating $135m of interest savings annually.

The notes were offered only to institutional buyers outside the US.

PJT Partners is serving as independent financial advisor to Carnival.

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