Carnival refinances with $1.25bn note offer
Carnival Holdings (Bermuda) Limited, a subsidiary of Carnival Corporation & plc, has begun a private offering of $1.25 billion of senior priority notes due in 2028.
The notes will be fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by the company, Carnival plc, and certain of the company's and Carnival plc's subsidiaries that guarantee substantially all of the company's other indebtedness.
In connection with the offering, the company and its subsidiaries will contribute 12 unencumbered vessels to Carnival Holdings, with each of these vessels continuing to be operated under one of the company’s, Carnival plc's or one of their subsidiaries' brands.
The company expects to use the net proceeds of the offering to make principal payments on debt and for general corporate purposes. The company may use all or a portion of the net proceeds to temporarily repay amounts outstanding under the company's revolver.
The portfolio of Carnival Corporation & plc features Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK) and Cunard.
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