Carnival aims to raise $551m in bond drive

Euro-denominated bonds to bolster coffers of world’s largest cruiseship owner.

Carnival snapshot

Overseeing a portfolio of 10 brands, Carnival Corp is the world's largest owner and operator of cruiseships.

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Carnival unveiled a bond-selling drive that will see the cruise giant raise an estimated EUR 495m ($551m) in net proceeds.

The New York-listed and London-listed company is selling EUR 499m worth of notes in a euro-denominated public offering, according to a filing with the US Securities & Exchange Commission.

Carnival said it will use the cash for “general corporate purposes”.

The senior notes carry a coupon rate of nearly 1.63% and mature in 2021.

The offering is backed by a large syndicate of banks.

Joint book-running managers are Bank of America Merrill Lynch, BNP Paribas, JP Morgan, Lloyds Bank, Mizuho Securities and Societe Generale.

Co-managers are ANZ, Deutsche Bank, HSBC, MUFG, RBC Capital Markets, Royal Bank of Scotland, SMBC Nikko, UBS and Wells Fargo.

The banks receive a EUR 2m underwriting discount in the offering.

Primary source: Carnival prospectus supplement

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