Carnival Corporation & plc said the group has extended the maturity of $87 million of notes due next year by 18 months to October 2024.

Carnival Corporation, the US listed and Panama domiciled holding company of the group, and Carnival plc that is UK listed and domiciled plus certain of their subsidiaries have entered into separate, privately negotiated exchange agreements with certain holders of the Company's outstanding 5.75% Convertible Senior Notes due 2023.

Carnival will exchange $87 million in aggregate principal amount of 2023 Notes for $87 million in aggregate principal amount of new 5.75% Convertible Senior Notes due October 2024.

“The New 2024 Notes will have the same initial conversion price as the 2023 Notes, representing no dilution to shareholders at scheduled maturity versus the 2023 Notes, the same coupon and no upfront cost to the Company. As a result of the eighteen-month extension, the New 2024 Notes will mature on October 1, 2024 and be fully and unconditionally guaranteed on a senior unsecured basis by Carnival plc and the Subsidiary Guarantors,” the company said in a statement.

Following the closing of the Exchange, $96 million in aggregate principal amount of 2023 Notes will remain outstanding. The Exchange is expected to close on November 1, 2022, subject to customary closing conditions, it said.