Carnival launches $1B notes offering to refinance 10.5% bonds due 2030, cutting interest expense

CARNIVAL PLC

Plans to redeem $1.0B of 10.500% senior unsecured notes due 2030, conditional on closing new offering.
New $1.0B senior unsecured notes expected to mature in 2030 with investment grade-style covenants.
Redemption at 100% principal plus make-whole premium and accrued interest, funded by new notes and cash.
Expects to reduce interest expense through lower-cost replacement debt.

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