Carnival Corp prices $3.0B 5.75% notes due 2032; upsized to redeem $2.4B 2027 notes

CARNIVAL PLC

$3.0B aggregate principal of 5.75% senior unsecured notes due 2032 priced; offering upsized.
Proceeds to fully repay senior secured term loan due 2028 and redeem $2.4B of 5.75% notes due 2027.
Conditional redemption notice for $2.4B 2027 notes at 100% plus make-whole premium; redemption July 17, 2025 if closing occurs.
After transaction, remaining senior secured debt $3.1B; security fall-away tied to investment grade rating.
Closing expected July 16, 2025; indenture has investment-grade-style covenants.

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