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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
COND
PRCD
CCL
Carnival Corp€500
1USOA
Apr 18, 2024
currency
EUR
size (m)
500.000
maturity
Jan 15, 2030
type
Fixed
tenor
5.750
call
0.00
registration
144A/Reg S
benchmark
-
ranking
Sr. Unsecured
moody's
B3
s&p
BB-
fitch
-
size description
-
re-open/tap
No
ipt
6.00-6.25%
ipt-pxd
-
guidance
5.75-6.00%
spread
325
coupon
5.750%
spread set
-
price
100.00000
yield
5.750%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BRC, CTI, GSC, IMI, ...
passive leads
-
co-managers
BAM, CAG, DZB, NTW, ...
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BRC, CTI, GSC, IMI, ...
passive leads
-
co-managers
BAM, CAG, DZB, NTW, ...
coordinating managers
-
Tranche Comments
Registration: 144A/Reg S; Comments: B&D: JPM;
Deal Comments
04/18/2024 Carnival Corp (CCL) EUR500m 144A/Reg S sr notes due Jan 01/15/30 (5.75y). NCL (MWC B+50bp) (3mo par call). B3/BB- (positive/stable). Guarantors: same as existing sr unsec notes with a fallaway provision once CCL reaches IG at 2 of 3 rating agencies. Via JPM (B&D)/BNP/MS jt physical books/Barc/Citi/GS/IMI/Lloyds/Mizuho/PNC jt books, BofA, CA, DZ, NatWest, SMBC Nikko as co-managers. No reg rights. List ISE. NY law. Settles 04/25 (T+5). Reg S ISIN: XS2809222420. IPT: 6.00%-6.25%. Px talk: 5.75%-6.00%. Final terms: EUR500m at 5.75%. Priced: 5.75% at 100. +325bp DBR 6.25% 01/04/30. Virtual roadshow 04/16-17 (investor call at 12pm UKT 04/16). Books closed at 2:30pm UKT 04/18. UOP: along with $930m cash on hand, to redeem in full its EUR500m 7625% sr notes due 04/01/26 (callable at 101.906), repay $300m of its sr sec TLB due 2027 and $500m of its sr sec TLB due 2028, the remainder will be repriced. Biz: leisure travel company, including cruise lines. HQ: Miami, FL.

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