Carnival privately exchanges convertibles to extend maturity

By Mary-Katherine Stinson

Lexington, Ky., Aug. 18 – Carnival Corp. & plc and Carnival Corp. extended the maturity of some of the issue of 5.75% convertible senior notes by 18 months in an exchange offer negotiated through separate privately negotiated agreements with certain noteholders, according to a press release.

Per the agreement, $339 million of the outstanding 5.75% convertible senior notes due 2023 will be exchanged for $339 million of new 5.75% convertible senior notes due Oct. 1, 2024.

The new notes will have the same initial conversion price as the existing notes.

The exchange is expected to close Aug. 22 subject to closing conditions.

PJT Partners is serving as independent financial adviser to Carnival.

After the exchange, $183 million of existing notes will remain outstanding.

Carnival is British-American cruise operator. It operates as a dual-listed company, composed of Miami-based cruise line Carnival Corp. and United Kingdom-based Carnival plc, which function as one entity.

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