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Carnival Corp. tender offer for up to $2bn of 11.5% senior notes

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Carnival Corp. & plc commenced a cash tender offer for up to $2bn of its outstanding 11.5% first priority senior secured notes due 2023.

The company is also soliciting consents to amend certain provisions of the indenture governing the notes so that they more closely align with those under its amended term loan agreeement dated June 30, 2020 (as amended Dec. 3, 2020, and June 30, 2021) and the indentures governing other outstanding secured and unsecured notes.

The tender offer will expire Aug. 2, unless extended or earlier terminated by Carnival.

Additional early tender offer

In addition, Carnival is offering to pay an early tender offer at or before July 19. This will be $1,142.50 for each $1,000 principal amount of notes and includes an early tender payment of $30 and a $1.25 consent payment.

Holders have the option either to tender their notes and thereby consent to the proposed amendments in the consent solicitation or to hold their notes but consent to the proposed amendments. 

 

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