- Carnival
- 19 February 2025 08:36:42
Source: Sharecast
The FTSE 250 company said it intended to use the proceeds, alongside existing cash, to redeem its existing $1bn 10.5% senior unsecured notes due 2030.
It said the transaction would reduce its annual net interest expenses by about $45m, adding that the new notes would be governed by an indenture with investment grade-style covenants.
The offering was set to close on 28 February, subject to customary conditions, with the redemption of the existing notes planned for the same date, contingent on the completion of the new issue.
Carnival said the notes would pay interest semi-annually at a rate of 5.75% per year, with payments beginning on 15 September.
They would be unsecured and fully guaranteed on an unsecured basis by Carnival and certain subsidiaries that also backed the company’s first-priority secured debt, other unsecured notes, and convertible notes.
At 0818 GMT, shares in Carnival were down 1.66% at 1,814.5p.
Reporting by Josh White for Sharecast.com.