Carnival Corporation & plc , the world’s largest cruise shipping group, said its US listed and Panama domiciled Carnival Corporation unit intends to commence the marketing of a first-priority senior secured term loan facility with an original principal amount of $1.5 billion maturing in 2028.

"The Company intends to use the proceeds from the Term Loan Facility to redeem a portion of the Company’s 11.500% First Priority Senior Secured Notes due 2023 (the “2023 Notes”), including related accrued interest, fees and expenses. This disclosure does not constitute a notice of redemption with respect to the 2023 Notes,” Carnival said in a statement.

Carnival has previously refinanced expensive debt issued at the start of the Covid-19 pandemic with new loans at a lower rate of interest.