Related Issuers
by Stephen Carter
Jul 01, 2025 5:04 AM ET
Carnival Corp (CCL) EUR1bn 144A/Reg S sr notes due 2031 (6y). NCL (MWC B+50bp) (3mo par call). Ba3/BB+/BB+ (positive/stable/positive). Via jPM (B&D)/Barc/BNP jt physical books/BofA/Citi/GS/IMI/Lloyds/Mizuho/PNC SMBC/TSI/WFS jt books, BBVA, Citizens, Commerz, CA, NatWest, Scotia, Caixa, DZ, Huntington, Santander as co-managers. No reg rights. List ISE. NY law. IG covenant package. Subsidiary guarantee fallaway provision once Carnival reaches IG at 2 of 3 rating agencies. Denoms: 100x1. IPT: 4.50%-4.75%.
Price talk: 4.25%-4.50%.
Roadshow (small group meetings) 06/30 (investor call at 10am 06/30). Books close at 12:30pm UKT 07/01. Pricing 07/01 UK afternoon. UOP: fully repay its remaining US$251m USD term loan B due 2027 (it recently used $450m cash on hand to repay $450m of the term loans) and partially repay $886m of its $1.748bn USD term loan B due 2028. Biz: leisure travel company, including cruise lines. HQ: Miami, FL.
Netroadshow direct link: https://www.netroadshow.com/nrs/home/#!/?show=cd877cc3. Entry code: Carnival2025.