Carnival Corp. Announces Equity Offering and Repurchase of Convertible Notes

Carnival Corporation

Carnival Corporation today announced it had priced a registered direct offering of an aggregate of 99,185,968 shares of its common stock at a price of $14.02 per share to a limited number of holders of its 5.75% Convertible Senior Notes due 2023.

The Corporation intends to use the proceeds from the Offering to repurchase from such Holders an aggregate of $885,589,000 principal amount of its Convertible Notes in privately negotiated transactions, the company said. 

On a net basis, the Corporation will not receive any proceeds from the Transactions and will pay customary fees and expenses in connection therewith. Therefore, the Transactions will not have a material impact on the Corporation's cash position. Following the Note Repurchases, an aggregate of $1,126,911,000 principal amount of the Corporation's Convertible Notes will remain outstanding.

The Offering is expected to close on August 7, 2020 (except with respect to 5.5 million Shares which is expected to close on August 10, 2020), subject to customary closing conditions. The Note Repurchases are expected to close promptly following the closing of the Offering (except with respect to $49.3 million aggregate principal amount of the Note Repurchases which is expected to close on August 10, 2020), subject to customary closing conditions.

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