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Carnival Corp Announced Pricing Late Tuesday of Convertible Notes; Shares of Carnival, Royal Caribbean, Norwegian Cruise Line Holdings Fell on Offering Announcement

Benzinga · 11/16/2022 05:22
Carnival Corporation & plc ((NYSE/LSE: CCL, NYSE:CUK) today announced that Carnival Corporation (the "Company") has priced a private offering of $1 billion aggregate principal amount of its 5.75% convertible senior notes due 2027 (the "Convertible Notes") as part of the Company's 2024 refinancing plan. The Convertible Notes will pay interest semi-annually on June 1 and December 1 of each year, beginning on June 1, 2023, at a rate of 5.75% per year. The Convertible Notes will mature on December 1, 2027, unless earlier repurchased, redeemed or converted. The initial conversion rate per $1,000 principal amount of Convertible Notes is equivalent to 74.6714 shares of common stock of the Company, which is equivalent to a conversion price of approximately $13.39 per share, subject to adjustment in certain circumstances. The initial conversion price represents a premium of approximately 20% over the last reported sale price of the Company's common stock on the New York Stock Exchange on November 15, 2022.