REG-Carnival PLC: Carnival Corporation & plc Announces the Launch of New Senior Unsecured Notes Offering

CarnivalAnnouncement

07/07/2025 14:00

Carnival Corporation & plc Announces the Launch of New Senior Unsecured Notes
Offering

MIAMI, July 7, 2025 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
today announced that Carnival Corporation (the "Company") commenced a private
offering (the "Notes Offering") of new senior unsecured notes in an aggregate
principal amount of $2.0 billion, expected to mature in 2032 (the "Notes"), to
fully repay the borrowings under Carnival Corporation's first-priority senior
secured term loan facility maturing in 2028, expecting to manage its future
debt maturities and reduce secured debt. The Company intends to use the
remaining proceeds and cash on hand to partially redeem the Company's 5.750%
senior unsecured notes due 2027 (the "2027 Unsecured Notes"). Assuming that
the final size of the Notes Offering is $2.0 billion, the Company expects to
redeem $1.4 billion of the 2027 Unsecured Notes. Such amount is subject to
change due to a number of factors, including the final size of the Notes
Offering. The partial redemption will be conditioned on the closing of the
Notes Offering. The indenture that will govern the Notes is expected to have
investment grade-style covenants.

This press release does not constitute a notice of redemption with respect to
the 2027 Unsecured Notes.

The Notes will be offered only to persons reasonably believed to be qualified
institutional buyers in reliance on Rule 144A under the Securities Act of
1933, as amended (the "Securities Act"), and outside the United States, only
to non-U.S. investors pursuant to Regulation S under the Securities Act.

The Notes will not be registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or the solicitation
of an offer to purchase the Notes or any other securities and shall not
constitute an offer, solicitation or sale in any state or jurisdiction in
which such offering, solicitation or sale would be unlawful.

About Carnival Corporation & plc

Carnival Corporation & plc is the largest global cruise company, and among the
largest leisure travel companies, with a portfolio of world-class cruise lines
- AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America
Line, P&O Cruises, Princess Cruises and Seabourn.

Cautionary Note Concerning Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements
under the Private Securities Litigation Reform Act of 1995. These statements
relate to, among other things, the financing transactions described herein,
future results, operations, outlooks, plans, goals, reputation, cash flows and
liquidity and other events which have not yet occurred. Forward-looking
statements reflect management's current expectations and are subject to risks,
uncertainties and other factors that could cause our actual results,
performance or achievements to differ materially from the future results,
performance or achievements expressed or implied in those forward-looking
statements. Factors that could affect our results include, among others, those
discussed under the caption "Risk Factors" in our most recent annual report on
Form 10-K, as well as our other filings with the Securities and Exchange
Commission (the "SEC"), copies of which may be obtained by visiting the 
Investor Relations page of our website at www.carnivalcorp.com/investors/ or
the SEC's website at www.sec.gov. Undue reliance should not be placed on the
forward-looking statements in this release, which are based on information
available to us on the date hereof. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

CONTACT: Carnival Corporation & plc Media Contact: Jody Venturoni, Carnival
Corporation, jventuroni@carnival.com, (469) 797-6380; Carnival Corporation &
plc Investor Relations Contact: Beth Roberts, Carnival Corporation,
eroberts@carnival.com, (305) 406-4832



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