Carnival Corporation & Plc has announced the pricing of its $1.25 billion 5.125% senior unsecured notes due 2029, with proceeds from the offering, combined with cash on hand, intended to redeem $2.0 billion of 6.000% senior unsecured notes due 2029. The notes will pay interest semi-annually on May 1 and November 1 of each year, beginning on May 1, 2026, at a rate of 5.125% per year and will mature on May 1, 2029. The offering is expected to close on October 15, 2025, subject to customary closing conditions.
This offering is part of the company's strategy to reduce interest expense and the indenture that will govern the notes will have investment grade-style covenants. Additionally, the notes will be fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by Carnival Plc and certain subsidiaries.
Carnival Corporation & Plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. The market has reacted to these announcements by moving the company's shares -1.67% to a price of $28.91. For more information, read the company's full 8-K submission here.
