CARNIVAL PLC (CUK): debt financing — Carnival closes €500M 5.75% notes due 2030, reprices ~$2.75B term loans, reduces net interest expense

CARNIVAL PLC

Closed €500M 5.75% senior notes due 2030; proceeds to redeem €500M 7.625% notes due 2026 (interest expense reduction ~2%).
Repriced approx. $1B (2027) and $1.75B (2028) term loans to SOFR+2.75% with 0.75% floor.
Partial prepayments: $500M on 2028 term loan, $300M on 2027 term loan.
Expected net interest expense reduction: over $30M for rest of 2024, over $50M annualized.
Transactions part of ongoing debt and interest expense reduction and capital structure simplification.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CARNIVAL PLC incurred senior notes of €500 million aggregate principal amount with U.S. Bank Trust Company, National Association at 5.750% per year maturing January 15, 2030.

Instrument: senior notes
Principal: €500 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 5.750% per year
Maturity: January 15, 2030
Event: incurrence

Exact text from the filing

closed its previously announced private offering (the “Notes Offering”) of €500 million aggregate principal amount of 5.750% senior unsecured notes due 2030 (the “Notes”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CARNIVAL PLC amended term loan of approximately $1.75 billion with JPMorgan Chase Bank, N.A. at SOFR with a 0.75% floor, plus a margin equal to 2.75% maturing 2028.

Instrument: term loan
Principal: approximately $1.75 billion
Counterparty: JPMorgan Chase Bank, N.A.
Rate: SOFR with a 0.75% floor, plus a margin equal to 2.75%
Maturity: 2028
Event: amendment

Exact text from the filing

The 2028 Repricing Amendment reprices approximately $1.75 billion of first-priority senior secured term loans maturing in 2028 (the “2028 Repriced Loans”) under the 2028 Term Loan Credit Agreement

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CARNIVAL PLC amended term loan of approximately $1 billion with JPMorgan Chase Bank, N.A. at SOFR with a 0.75% floor, plus a margin equal to 2.75% maturing 2027.

Instrument: term loan
Principal: approximately $1 billion
Counterparty: JPMorgan Chase Bank, N.A.
Rate: SOFR with a 0.75% floor, plus a margin equal to 2.75%
Maturity: 2027
Event: amendment

Exact text from the filing

The 2027 Repricing Amendment reprices approximately $1 billion of first-priority senior secured term loans maturing in 2027 (the “2027 Repriced Loans”) under the 2027 Term Loan Credit Agreement

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CARNIVAL PLC entered into Repricing Amendment No. 1 to the Term Loan Agreement dated August 8, 2023 with JPMorgan Chase Bank, N.A. valued at reprices approximately $1 billion of first-priority senior secured term loans maturing in 2027 to be (effective 2024-04-25).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: reprices approximately $1 billion of first-priority senior secured term loans maturing in 2027 to be
Effective: 2024-04-25

Exact text from the filing

On April 25, 2024, the Company entered into (x) the Repricing Amendment No. 1 (the “2027 Repricing Amendment”) to the Term Loan Agreement dated August 8, 2023 (the “2027 Term Loan Credit Agreement”), among the Company and Carnival Finance, LLC, as borrowers, Carnival plc, as a guarantor, certain other subsidiary guarantors party thereto, and JPMorgan Chase Bank, N.A., as administrative agent

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CARNIVAL PLC entered into Repricing Amendment No. 6 to the Term Loan Agreement dated as of June 30, 2020 with JPMorgan Chase Bank, N.A. valued at reprices approximately $1.75 billion of first-priority senior secured term loans maturing in 2028 to (effective 2024-04-25).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: reprices approximately $1.75 billion of first-priority senior secured term loans maturing in 2028 to
Effective: 2024-04-25

Exact text from the filing

(y) the Repricing Amendment No. 6 (the “2028 Repricing Amendment”, and together with the 2027 Repricing Amendment, the “Repricing Amendments”) to the Term Loan Agreement dated as of June 30, 2020 (the “2028 Term Loan Credit Agreement”), among the Company and Carnival Finance, LLC, as borrowers, Carnival plc, as a guarantor, certain other subsidiary guarantors party thereto, and JPMorgan Chase Bank, N.A., as administrative agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CARNIVAL PLC entered into Indenture with U.S. Bank Trust Company, National Association valued at €500 million aggregate principal amount of 5.750% senior unsecured notes due 2030 (effective 2024-04-25).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: €500 million aggregate principal amount of 5.750% senior unsecured notes due 2030
Effective: 2024-04-25

Exact text from the filing

On April 25, 2024, Carnival Corporation (the “Company”) closed its previously announced private offering (the “Notes Offering”) of €500 million aggregate principal amount of 5.750% senior unsecured notes due 2030 (the “Notes”). The Notes were issued pursuant to an indenture, dated as of April 25, 2024 (the “Indenture”), among the Company, Carnival plc, the subsidiary guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee.

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304 debt financings filed in the last 30 days. Browse all debt financings →

CARNIVAL PLC filing history →

Source: SEC EDGAR

accession 0000950142-24-001201

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