Carnival sails through second priority bond sale

Carnival cruises 575x375
By Silas Brown
14 Jul 2020

Carnival Corp, the largest cruise line in the world — badly stricken by the impact of coronavirus on its business — raised €425m and $775m of 5.5 year bonds on Wednesday, which will be subordinated to the $6.25bn of bank loans and senior secured bonds it issued in June and April respectively.

Initial price thoughts, released on Tuesday morning, were 10.5% area for the euro notes and about 11% for the dollars. The initial term sheet targets were $550m and €400m. 

“Carnival’s dollar secured debt is trading at the mid 7% [range], its euro term loans are trading at 8.25% and ...

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