Carnival Corporation, the Panama domiciled and US listed holding company in the Carnival Corporation & plc group, has priced private placements of notes and shares unveiled on 31 March and adjusted volumes of two of the three offerings, the company said in a statement.
The first priority senior secured notes offering unveiled on 31 March was increased to $4 billion from $3 billion. The notes will carry a coupon of 11.50% and they will mature on 1 April 2023.
Senior convertible notes placement of $1.75 billion carries a coupon of 5.75%, the company said, adding that initial purchasers of the notes have an option to purchase a further $262.5 million worth of the notes. This option will close on 18 April.
Unless converted into common stock of Carnival Corporation, the convertible notes will mature on 1 April 2023. Their can initially be converted to common stock of the company at a rate of $1,000 worth of notes to 100 shares, giving a conversion price of $10.00 per share.
Finally, the company reduced an offering of common stock to $500 million from $1.25 planned earlier. The shares are priced at $8.00 each. Underwriters of the issue have an option to buy a further 9.375 million share a the same price. The option will run until 1 May.
