Carnival Corporation & plc Announces the Redemption of Existing $1.0 Billion 10.500% Senior Unsecured Notes due 2030 and Launch of New Senior Unsecured Notes Offering for Interest Expense Reduction
Carnival (NYSE/LSE: CCL; NYSE: CUK) has announced a private offering of $1.0 billion in new senior unsecured notes, set to mature in 2030. This offering aims to refinance the company's existing 10.500% senior unsecured notes due 2030. The primary goal is to reduce interest expenses, and the new notes will feature investment grade-style covenants.
The company has issued a conditional notice to redeem the entire outstanding principal of the existing 2030 notes on February 28, 2025. The redemption price will be 100.0% of the principal amount plus a 'make-whole' premium and accrued interest. The redemption will be funded through the new notes offering proceeds and cash on hand.
The new notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S of the Securities Act.
Carnival (NYSE/LSE: CCL; NYSE: CUK) ha annunciato un emissione privata di $1,0 miliardo in nuovi note senior non garantiti, che scadranno nel 2030. Questa emissione ha l'obiettivo di rifinanziare le note senior non garantite esistenti al 10,500% in scadenza nel 2030. L'obiettivo principale è ridurre le spese per interessi, e le nuove note presenteranno covenants in stile investment grade.
L'azienda ha emesso un avviso condizionale per riscattare l'intero capitale residuo delle note esistenti del 2030 il 28 febbraio 2025. Il prezzo di riscatto sarà del 100,0% dell'importo principale più un premio 'make-whole' e gli interessi maturati. Il riscatto sarà finanziato attraverso i proventi dell'emissione delle nuove note e contante disponibile.
Le nuove note saranno offerte esclusivamente a compratori istituzionali qualificati ai sensi della Regola 144A e a investitori non statunitensi ai sensi della Regolamentazione S del Securities Act.
Carnival (NYSE/LSE: CCL; NYSE: CUK) ha anunciado una oferta privada de $1.0 mil millones en nuevas notas senior no garantizadas, que vencerán en 2030. Esta oferta tiene como objetivo refinanciar las notas senior no garantizadas existentes al 10.500% que vencen en 2030. El objetivo principal es reducir los gastos por intereses, y las nuevas notas contarán con convenios de estilo investment grade.
La compañía ha emitido un aviso condicional para redimir la totalidad del capital pendiente de las notas existentes de 2030 el 28 de febrero de 2025. El precio de redención será del 100.0% del monto principal más una prima de 'make-whole' y el interés acumulado. La redención se financiará a través de los ingresos de la nueva oferta de notas y efectivo disponible.
Las nuevas notas se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a inversores no estadounidenses bajo la Regulación S de la Ley de Valores.
카니발(Carnival) (NYSE/LSE: CCL; NYSE: CUK)은 10억 달러 규모의 새로운 비담보 고급 채권 사모 발행을 발표했으며, 이는 2030년에 만료됩니다. 이번 발행은 2030년 만기 10.500% 비담보 고급 채권을 재융자하는 것을 목표로 하고 있습니다. 주요 목표는 이자 비용을 줄이는 것이며, 새로운 채권은 투자 등급 스타일의 계약 조건을 포함할 예정입니다.
회사는 2025년 2월 28일에 기존 2030년 채권의 전체 미지급 원금을 상환하기 위한 조건부 통지를 발행했습니다. 상환 가격은 원금의 100.0%와 '메이크 홀(make-whole)' 프리미엄 및 발생 이자를 더한 금액이 될 것입니다. 상환은 새로운 채권 발행 수익금과 현금 보유액으로 자금을 조달할 것입니다.
새로운 채권은 규칙 144A에 따라 자격을 갖춘 기관 투자자에게, 그리고 증권법의 규정 S에 따라 미국 외 투자자에게 독점적으로 제공됩니다.
Carnival (NYSE/LSE: CCL; NYSE: CUK) a annoncé une offre privée de 1,0 milliard de dollars en nouvelles obligations senior non garanties, qui arriveront à échéance en 2030. Cette offre vise à refinancer les obligations senior non garanties existantes à 10,500% arrivant à échéance en 2030. L'objectif principal est de réduire les frais d'intérêt, et les nouvelles obligations comporteront des engagements de style investment grade.
L'entreprise a émis un avis conditionnel pour racheter l'intégralité du capital restant des obligations existantes de 2030 le 28 février 2025. Le prix de rachat sera de 100,0 % du montant principal, plus une prime 'make-whole' et les intérêts accumulés. Le rachat sera financé par les produits de l'émission des nouvelles obligations et par des liquidités disponibles.
Les nouvelles obligations seront offertes exclusivement à des acheteurs institutionnels qualifiés en vertu de la règle 144A et à des investisseurs non américains en vertu de la réglementation S de la loi sur les valeurs mobilières.
Carnival (NYSE/LSE: CCL; NYSE: CUK) hat ein privates Angebot von 1,0 Milliarden Dollar in neuen unbesicherten Senior-Anleihen angekündigt, das im Jahr 2030 fällig wird. Dieses Angebot zielt darauf ab, die bestehenden unbesicherten Senior-Anleihen mit 10,500%, die 2030 fällig werden, zu refinanzieren. Das Hauptziel ist die Senkung der Zinsaufwendungen, und die neuen Anleihen werden Covenants im Stil von Investment-Grade aufweisen.
Das Unternehmen hat eine bedingte Mitteilung zur Rückzahlung des gesamten ausstehenden Kapitals der bestehenden Anleihen von 2030 am 28. Februar 2025 herausgegeben. Der Rückzahlungsbetrag beträgt 100,0% des Nennbetrags zuzüglich einer 'Make-Whole'-Prämie und aufgelaufener Zinsen. Die Rückzahlung wird durch die Erlöse aus dem Angebot neuer Anleihen und verfügbares Bargeld finanziert.
Die neuen Anleihen werden ausschließlich qualifizierten institutionellen Käufern gemäß Regel 144A und nicht-US-Investoren gemäß der Regulierung S des Wertpapiergesetzes angeboten.
- Refinancing aims to reduce interest expenses from current 10.500% rate
- New notes will have investment grade-style covenants, potentially indicating improved credit quality
- Company has sufficient cash on hand to support the refinancing
- Additional 'make-whole' premium required for early redemption of existing notes
Insights
This debt refinancing announcement marks a pivotal moment in Carnival 's financial recovery strategy. The replacement of
The inclusion of investment grade-style covenants is particularly noteworthy, as it typically indicates:
- Greater operational flexibility
- Reduced restrictions on asset sales and acquisitions
- More favorable terms for future financing
- Enhanced ability to manage working capital
The timing of this refinancing, well ahead of the 2030 maturity, demonstrates proactive liability management. The make-whole premium requirement indicates that existing noteholders will be compensated for the early redemption, though this one-time cost is likely outweighed by the long-term interest savings. This refinancing represents a strategic shift from crisis-era financing terms toward more normalized capital structure, reflecting the cruise industry's broader recovery trajectory and improved market confidence in Carnival's financial outlook.
The Company issued a conditional notice of redemption for the entire outstanding principal amount of the 2030 Unsecured Notes to be redeemed on or about February 28, 2025, at a redemption price equal to
This press release does not constitute a notice of redemption with respect to the 2030 Unsecured Notes.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.
About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (
Cautionary Note Concerning Forward-Looking Statements
Carnival Corporation and Carnival plc and their respective subsidiaries are referred to collectively in this press release as "Carnival Corporation & plc," "our," "us" and "we." Some of the statements, estimates or projections contained in this press release are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:
- Interest, tax and fuel expenses
- Liquidity and credit ratings
- The transactions described herein
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following:
- Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations.
- Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage.
- Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.
- Factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could have a material impact on our business.
- Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business.
- Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology have adversely impacted and may in the future materially adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage.
- The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations.
- Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs.
- We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business.
- Fluctuations in foreign currency exchange rates may adversely impact our financial results.
- Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options.
- Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests.
- We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations.
- Our substantial debt could adversely affect our financial health and operating flexibility.
- The risk factors included in Carnival Corporation's and Carnival plc's Annual Report on Form 10-K filed with the SEC on January 27, 2025.
The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations. There may be additional risks that we consider immaterial or which are unknown.
Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.
Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters). In addition, historical, current, and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.
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