Carnival gives result of tender offer for 11˝% notes due 2023

By Rebecca Melvin

Concord, N.H., July 20 – Carnival Corp. & plc announced the early results for issuer Carnival Corp.’s July 6 consent solicitation and offer to purchase up to $2,004,000,000 of its 11˝% first priority senior secured notes due 2023 (Cusips: 143658BC5, P2121VAE4), according to a press release.

By 5 p.m. ET on July 19, the issuer obtained 85.19% of consents and $2,406,791,000 notes were validly tendered. The notes will be accepted for repurchase up to the maximum tender amount, subject to proration, at a price of $1,142.50 per $1,000 of principal amount of the notes, plus accrued interest.

No notes are being accepted after the early tender and consent deadline because the company received the requisite number of consents to amend the indenture as of July 16.

The indenture was modified so that its provisions more closely align and conform with those under the company’s June 30, 2020 term loan agreement, as amended on Dec. 3, 2020 and June 30, 2021, and the indentures governing its other outstanding secured and unsecured notes.

Carnival is a Miami-based cruise line.

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