Strong Demand as Carnival Upsizes Fundraise to $2.03 Billion at 10.375 Percent

Carnival Corporation  announced that Carnival Holdings (Bermuda) Limited had priced Tuesday’s private offering of $2.03 billion aggregate principal amount of 10.375% Senior Priority Notes due 2028.

The aggregate principal amount of Senior Priority Notes to be issued was increased to $2.03 billion from $1.25 billion due to strong investor demand.

The company said expects to initially use the net proceeds of the offering to repay amounts drawn under the revolving credit facility, which remains available for future principal payments on debt and for general corporate purposes.

The Senior Priority Notes will pay interest semi-annually on May 1 and November 1 of each year, beginning on May 1, 2023, at a rate of 10.375% per year, are callable beginning May 1, 2025 and priced at 98.465% of their face value. The Senior Priority Notes will mature on May 1, 2028

In connection with the offering of the Senior Priority Notes, the company and its subsidiaries will contribute 12 unencumbered vessels to the Issuer, with each of these vessels continuing to be operated under one of the company’s, Carnival plc’s or one of their subsidiaries’ brands.

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