Carnival Corp. & plc closed its previously announced exchange of $87m 5.75% convertible senior notes due 2023 for new convertible notes due 2024 at the same rate.
The new 2024 notes have the same initial conversion price as the 2023 notes, representing no dilution to shareholders at scheduled maturity and no upfront cost to the company.
18-month extension
As a result of the 18-month extension, the new 2024 notes will mature on Oct. 1, 2024. They are fully and unconditionally guaranteed on a senior unsecured basis by Carnival plc and subsidiary guarantors.
The 2024 notes have the same terms as Carnival’s outstanding $339m 5.75% convertible senior notes due 2024.
PJT Partners acted as independent financial advisor to Carnival.
