22.04.2024 08:22:22
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Carnival Prices EUR 500 Mln 5.75% Senior Unsecured Notes Offering
(RTTNews) - Cruise company Carnival Corp. & Plc (CCL, CUK, CCL.L) announced Monday that it has priced its private offering of 500 million euros aggregate principal amount of 5.75% senior unsecured notes due 2030.
The company expects to use the net proceeds from the Notes Offering, together with cash on hand, to redeem its 500 million euros 7.625% senior unsecured notes due 2026. This would result in a reduction in interest expense on this outstanding debt of nearly 2%.
In addition, Carnival said it has received commitments from lenders to reprice its first-priority senior secured term loan facility maturing in 2028 and its first-priority senior secured term loan facility maturing in 2027.
As part of the Repricing Transaction, the company would make a partial prepayment of $500 million under the 2028 Secured Term Loan Facility and a partial prepayment of $300 million under the 2027 Secured Term Loan Facility.
These are part of the firm's ongoing debt and interest expense reduction and capital structure simplification.
Together, the reduction in both interest rates and total debt is expected to result in a reduction of net interest expense of over $30 million for the remainder of 2024 and over $50 million on an annualized basis.
The Notes Offering and Repricing Transaction are expected to close on April 25, subject to customary closing conditions and the execution of definitive documentation.
The previously announced redemption of the 2026 Euro Unsecured Notes would occur on April 26 and is conditioned on the closing of the Notes Offering.
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