TIDMCCL
Carnival Corporation & plc Announces Anticipated Debt Pre-payment of $1.2B and
Refinancing Transaction
MIAMI, July 31, 2023 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL;
NYSE: CUK) today announced that Carnival Corporation (the "Company") intends to
commence the marketing of a new senior secured first lien term loan B facility
(the "New First Lien Term Loan") with an original principal amount of $1.0
billion, expected to mature in 2027. In conjunction with the New First Lien Term
Loan, and subject to market and other conditions, the Company may raise $500
million of other secured debt maturing in 2029 (together with the New First Lien
Term Loan, the "Refinancing Transactions"). The Company intends to use the
proceeds from the Refinancing Transactions to repay a portion of the borrowings
under the Company's existing first-priority senior secured term loan facility
maturing in 2025.
After the closing of the Refinancing Transactions, the Company intends to redeem
all of the Company's 10.500% second-priority senior secured notes due 2026 and
10.125% second-priority senior secured notes due 2026 (collectively, the "2026
Notes"), saving over $120 million in interest expense on an annualized basis.
The $1.2 billion of redemptions will be conditioned on the closing of the
Refinancing Transactions. The Company expects to use cash on hand to finance the
redemptions. This press release does not constitute a notice of redemption with
respect to the 2026 Notes.
The Company's Chief Financial Officer David Bernstein commented: "Given the
confidence we have in our business and its cash flow generation, we plan to
retire $1.2 billion of our highest cost debt. In connection with this
retirement, we plan to extend some of the lowest cost public debt in our
portfolio. This is yet another step forward in our deleveraging journey,
building on the $1.4 billion we already early retired this year. With this debt
repayment, we now expect our year end debt balance to be less than $32.0
billion, an improvement over the November 30, 2023 debt balance of less than
$33.0 billion provided in our June guidance."
This press release shall not constitute an offer to sell or the solicitation of
an offer to purchase any security and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such offering,
solicitation or sale would be unlawful.
About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the
largest leisure travel companies, with a portfolio of world-class leading cruise
lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland
America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and
Seabourn.
Cautionary Note Concerning Forward-Looking Statements
Carnival Corporation and Carnival plc and their respective subsidiaries are
referred to collectively in this press release, as "Carnival Corporation & plc,"
"our," "us" and "we." Some of the statements, estimates or projections contained
in this press release are "forward-looking statements" that involve risks,
uncertainties and assumptions with respect to us, including some statements
concerning the refinancing transactions described herein, future results,
operations, outlooks, plans, goals, reputation, cash flows, liquidity and other
events which have not yet occurred. These statements are intended to qualify for
the safe harbors from liability provided by Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical facts are statements
that could be deemed forward-looking. These statements are based on current
expectations, estimates, forecasts and projections about our business and the
industry in which we operate and the beliefs and assumptions of our management.
We have tried, whenever possible, to identify these statements by using words
like "will," "may," "could," "should," "would," "believe," "depends," "expect,"
"goal," "aspiration," "anticipate," "forecast," "project," "future," "intend,"
"plan," "estimate," "target," "indicate," "outlook," and similar expressions of
future intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook
and financial position including, but not limited to, statements regarding:
· Pricing · Adjusted net income (loss)
· Booking levels · Adjusted EBITDA
· Occupancy · Adjusted earnings per share
· Interest, tax and fuel expenses · Adjusted free cash flow
· Currency exchange rates · Net per diems
· Goodwill, ship and trademark fair values · Net yields
· Liquidity and credit ratings · Adjusted cruise costs per ALBD
Because forward-looking statements involve risks and uncertainties, there are
many factors that could cause our actual results, performance or achievements to
differ materially from those expressed or implied by our forward-looking
statements. This note contains important cautionary statements of the known
factors that we consider could materially affect the accuracy of our forward
-looking statements and adversely affect our business, results of operations and
financial position. Additionally, many of these risks and uncertainties are
currently, and in the future may continue to be, amplified by our substantial
debt balance as a result of the pause of our guest cruise operations. There may
be additional risks that we consider immaterial or which are unknown. These
factors include, but are not limited to, the following:
· events and conditions around the world, including war and other military
actions, such as the invasion of Ukraine, inflation, higher fuel prices, higher
interest rates and other general concerns impacting the ability or desire of
people to travel have led, and may in the future lead, to a decline in demand
for cruises, impacting our operating costs and profitability;
· pandemics have in the past and may in the future have a significant negative
impact on our financial condition and operations;
· incidents concerning our ships, guests or the cruise industry have in the
past and may, in the future, negatively impact the satisfaction of our guests
and crew and lead to reputational damage;
· changes in and non-compliance with laws and regulations under which we
operate, such as those relating to health, environment, safety and security,
data privacy and protection, anti-corruption, economic sanctions, trade
protection, labor and employment and tax have in the past and may, in the
future, lead to litigation, enforcement actions, fines, penalties and
reputational damage;
· factors associated with climate change, including evolving and increasing
regulations, increasing global concern about climate change and the shift in
climate conscious consumerism and stakeholder scrutiny, and increasing frequency
and/or severity of adverse weather conditions could adversely affect our
business;
· inability to meet or achieve our sustainability related goals, aspirations,
initiatives, and our public statements and disclosures regarding them, may
expose us to risks that may adversely impact our business;
· breaches in data security and lapses in data privacy as well as disruptions
and other damages to our principal offices, information technology operations
and system networks and failure to keep pace with developments in technology may
adversely impact our business operations, the satisfaction of our guests and
crew and may lead to reputational damage;
· the loss of key team members, our inability to recruit or retain qualified
shoreside and shipboard team members and increased labor costs could have an
adverse effect on our business and results of operations;
· increases in fuel prices, changes in the types of fuel consumed and
availability of fuel supply may adversely impact our scheduled itineraries and
costs;
· we rely on supply chain vendors who are integral to the operations of our
businesses. These vendors and service providers may be unable to deliver on
their commitments, which could negatively impact our business;
· fluctuations in foreign currency exchange rates may adversely impact our
financial results;
· overcapacity and competition in the cruise and land-based vacation industry
may negatively impact our cruise sales, pricing and destination options;
· inability to implement our shipbuilding programs and ship repairs,
maintenance and refurbishments may adversely impact our business operations and
the satisfaction of our guests;
· Failure to successfully implement our business strategy following our
resumption of guest cruise operations would negatively impact the occupancy
levels and pricing of our cruises and could have a material adverse effect on
our business. We require a significant amount of cash to service our debt and
sustain our operations. Our ability to generate cash depends on many factors,
including those beyond our control, and we may not be able to generate cash
required to service our debt and sustain our operations; and,
· the risk factors included in Carnival Corporation's and Carnival plc's
Annual Report on Form 10-K filed with the SEC on January 27, 2023 and Carnival
Corporation's and Carnival plc's Quarterly Reports on Form 10-Q filed with the
SEC on March 29, 2023 and June 28, 2023.
The ordering of the risk factors set forth above is not intended to reflect our
indication of priority or likelihood.
Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable law or any
relevant stock exchange rules, we expressly disclaim any obligation to
disseminate, after the date of this document, any updates or revisions to any
such forward-looking statements to reflect any change in expectations or events,
conditions or circumstances on which any such statements are based.
Forward-looking and other statements in this document may also address our
sustainability progress, plans and goals (including climate change and
environmental-related matters). In addition, historical, current and forward
-looking sustainability- and climate-related statements may be based on
standards and tools for measuring progress that are still developing, internal
controls and processes that continue to evolve, and assumptions and predictions
that are subject to change in the future and may not be generally shared.
SOURCE Carnival Corporation & plc
CONTACT: Carnival Corporation & plc Media Contact: Jody Venturoni, Carnival
Corporation, jventuroni@carnival.com, (469) 797-6380; Carnival Corporation & plc
Investor Relations Contact: Beth Roberts, Carnival Corporation,
eroberts@carnival.com, (305) 406-4832
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
July 31, 2023 07:43 ET (11:43 GMT)
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