The new 2024 notes will have the same initial conversion price as the 2023 notes, representing no dilution to shareholders at scheduled maturity and no upfront cost to the company.
18-month extension
As a result of the 18-month extension, the new 2024 notes will mature on Oct, 1, 2024, and be fully and unconditionally guaranteed on a senior unsecured basis by Carnival plc and subsidiary guarantors.
$96m in 2023 notes will remain outstanding
Following the closing of the exchange, $96m in 2023 notes will remain outstanding.
The exchange is expected to close on Nov. 1.
PJT Partners is serving as independent financial advisor to Carnival.
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