Carnival Corporation Launches €1 Billion Unsecured Notes Offering

MIAMI, July 1, 2025 – Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) has priced its offering of €1.0 billion in senior unsecured notes. The notes, with an interest rate of 4.125%, are set to mature in 2031.

The proceeds from this offering will be utilized to fully repay the existing borrowings under the company’s 2027 Term Loan Facility and partially repay the 2028 facility. This follows a $450 million prepayment made on June 27, 2025, toward the 2027 Term Loan Facility, further advancing Carnival’s deleveraging strategy.

Expectations are that this offering will close on July 7, 2025, with interest payments commencing on July 15, 2026. The notes are available exclusively to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S of the Securities Act.

Carnival’s decision to issue unsecured notes signifies a strategic move to simplify its capital structure and manage its maturity profile effectively. The company implemented investment grade-style covenants for the notes, indicating a potential shift in its financial strategy.

The cruise industry leader aims to enhance its financial standing by reducing interest expenses while navigating the current market environment. This strategic approach is expected to solidify Carnival’s market position and display financial resilience.