CARNIVAL PLC (CUK): debt financing — Carnival closes $3.0B 5.75% note offering; redeems $2.4B 2027 notes, repays term loan

CARNIVAL PLC

Issued $3.0B of 5.75% senior unsecured notes due 2032; interest payable semi-annually starting Feb 1, 2026.
Proceeds to fully repay first-priority senior secured term loan due 2028 and redeem $2.4B of 5.750% notes due 2027.
Redemption of 2027 notes occurs July 17 at par plus make-whole premium and accrued interest.
CFO notes the company refinanced nearly $11B of debt in 2025, cut secured debt ~70% from Q4 2021 peak.
Notes are unsecured with investment grade-style covenants; guaranteed by Carnival plc and certain subsidiaries.

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 $3.0 billion aggregate principal amount with U.S. Bank Trust Company, National Association at 5.75% per year maturing August 1, 2032.

Instrument: senior notes
Principal: $3.0 billion aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 5.75% per year
Maturity: August 1, 2032
Event: incurrence

Exact text from the filing

On July 16, 2025, Carnival Corporation (the “Company”) closed its previously announced private offering (the “Notes Offering”) of $3.0 billion aggregate principal amount of 5.75% senior unsecured notes due 2032 (the “Notes”).

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Source: SEC EDGAR

accession 0000950142-25-001921

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