Carnival closes $500M notes & $1.3B term loan; redemption of 2026 notes saves >$120M/year

CARNIVAL PLC

Closed $500M 7.00% senior secured notes due 2029 and upsized $1.3B first lien term loan maturing 2027.
Proceeds used to repay existing first-priority senior secured term loan due 2025.
Redemption of $775M 10.5% USD notes and €425M 10.125% Euro notes on Aug 11-12, 2023.
Expected to save more than $120 million in annualized interest expense.
New term loan bears SOFR+3% with 0.75% floor; notes pay 7% semi-annually.

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