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MIAMI - Carnival Corporation & plc (NYSE/LSE:CCL; NYSE:CUK) announced Tuesday it has commenced a private offering of $1.25 billion in new senior unsecured notes expected to mature in 2029.
The cruise company plans to use the proceeds, combined with cash on hand, to fully redeem its existing $2.0 billion 6.000% senior unsecured notes due 2029. The transaction is expected to reduce the company’s interest expense, according to the announcement.
The new notes will feature investment grade-style covenants and 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, meaning they cannot be sold in the United States without registration or an applicable exemption from registration requirements.
Carnival Corporation & plc operates a portfolio of cruise lines including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.
The announcement was made in a company press release statement, which noted that the offering does not constitute a notice of redemption for the existing 2029 Unsecured Notes.
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