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Carnival’s Bermuda unit closes $2 billion debt rollover

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Carnival Magic - the largest Carnival Cruise ship sailing to Bermuda - was scheduled for ten visits to the island in 2022 (File photograph)

Carnival Holdings (Bermuda) Limited, a subsidiary of Carnival Corporation & plc, has closed its private offering of $2.03 billion of senior priority notes due in 2028.

The company said it expected 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 notes will pay interest semi-annually on May 1 and November 1 of each year, beginning in 2023, at a rate of 10.375 per cent per year, are callable beginning May 1, 2025 and priced at 98.465 per cent of their face value. They will mature on May 1, 2028.

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.