Carnival issues $500M 7% notes, upsizes term loan to $1.3B; redeems $1.2B of 10%+ debt

CARNIVAL PLC

Priced $500M aggregate 7.00% first-priority senior secured notes due 2029.
Upsized and syndicated new $1.3B senior secured first lien term loan B at SOFR+3% (0.75% floor), maturing 2027.
Will redeem $775M of 10.500% USD notes (Aug 11) and €425M of 10.125% Euro notes (Aug 12) using cash on hand.
Refinancing is expected to save over $120 million in annual interest expense.
Transactions expected to close Aug 8, 2023; proceeds repay existing 2025 term loan.

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