Carnival closes €1.0 billion senior unsecured notes offering

MIAMI - Carnival Corporation (LON:CCL) & plc (NYSE/LSE:CCL; NYSE:CUK) announced Monday the closing of a €1.0 billion offering of 4.125% senior unsecured notes due 2031 through Carnival (NYSE:CCL) plc.

The cruise operator will use proceeds to fully repay borrowings under Carnival Corporation’s first-priority senior secured term loan facility maturing in 2027 and to partially repay borrowings under its first-priority senior secured term loan facility maturing in 2028.

This transaction follows the company’s €450.0 million prepayment toward the 2027 Term Loan Facility on June 27, 2025, as part of ongoing efforts to reduce debt, lower interest expenses, simplify its capital structure, and manage maturity profiles.

The notes will pay interest annually on July 15, beginning in 2026, and will mature on July 15, 2031. They will be fully and unconditionally guaranteed on a senior unsecured basis by Carnival Corporation and certain subsidiaries.

"We continue to opportunistically access the capital markets," said David Bernstein, Chief Financial Officer. "We are just one notch away from an investment grade credit rating and this successful transaction puts us further down that path."

The notes were offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. investors under Regulation S. They are not registered under the Securities Act or state securities laws.

Carnival Corporation & plc operates multiple cruise brands including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.

This information is based on a company press release statement.

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