Carnival prices €500M 5.75% notes to redeem 7.625% notes, reprices term loans, saves >$50M annual interest

CARNIVAL PLC

€500M of 5.75% senior unsecured notes due 2030; proceeds with cash to redeem €500M 7.625% notes due 2026, cutting interest expense ~2%.
Reprices 2028 and 2027 term loan facilities; $500M and $300M prepayments; new margin SOFR+2.75% with 0.75% floor.
Combined net interest savings >$30M in H2 2024 and >$50M annualized.
Transactions expected to close April 25, 2024; old notes redemption on April 26 conditional on closing.

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