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MIAMI - Carnival Corporation (LON:CCL) & plc (NYSE/LSE:CCL; NYSE:CUK) announced Monday the launch of a $2 billion private offering of senior unsecured notes expected to mature in 2032.
The world’s largest cruise company plans to use the proceeds to fully repay borrowings under its first-priority senior secured term loan facility maturing in 2028. The remaining proceeds, along with cash on hand, will be directed toward partially redeeming approximately $1.4 billion of the company’s 5.750% senior unsecured notes due 2027.
The new notes will be offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. investors through Regulation S. The notes will not be registered under the Securities Act or state securities laws.
According to the company, the indenture governing the notes is expected to have investment grade-style covenants. The partial redemption of the 2027 notes is contingent upon the closing of the new offering.
Carnival Corporation & plc operates a portfolio of cruise lines including AIDA Cruises, Carnival (NYSE:CCL) Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn.
The information in this article is based on a press release statement from Carnival Corporation & plc.
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