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Carnival Corp. upsizes and prices $1.45bn and €500m notes offerings

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Carnival Corp. & plc priced the private offerings of $1.45bn of 7.625% senior unsecured notes and €500m of 7.625% senior unsecured notes, both due 2026.

The amounts were increased from the previously announced $1bn and €300m, respectively.

The offering is expected to close on Nov. 25.

Guaranteed by Carnival plc and subsidiaries

The notes will be fully guaranteed on an unsecured basis by Carnival plc and certain of the corporation's and Carnival plc's subsidiaries that own or operate the company's ships and material intellectual property and that guarantee certain first-priority and second-priority secured debt.

Use of proceeds

Carnival expects to use the net proceeds for general corporate purposes, including the financing or refinancing of a portion of the purchase price, rental payments, costs and expenses related to certain current and future property, plant and equipment (including leased assets and ships) and their repair, replacement and improvements. Proceeds may also go to other payments related to vessels' ready-for-sea costs, to the extent such amounts are not covered by existing and future export credit facilities.

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

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