Carnival Corp. Ltd. Redeems $500M 7.00% Notes Due 2029

What Happened

• Carnival Corporation Ltd. announced a notice of redemption for the entire $500,000,000 aggregate principal amount of its 7.000% First‑Priority Senior Secured Notes due 2029. The notes will be redeemed on August 15, 2026 at a redemption price of 103.50% of principal.
• Because the Redemption Date is an interest payment date, accrued and unpaid interest will be paid to holders of record as of July 31, 2026. Per the indenture, on June 25, 2026 the collateral securing these notes “fell away” when the company received a second investment‑grade credit rating, and the notes became unsecured.

Key Details

• Total principal: $500,000,000 of 7.000% notes due 2029.
• Redemption date: August 15, 2026; redemption price: 103.50% of principal.
• Record date for interest payment: July 31, 2026 (accrued interest will be paid).
• On June 25, 2026 the indenture’s collateral fell away after Carnival obtained a second investment‑grade rating, converting the notes from secured to unsecured.

Why It Matters

• Holders of the 2029 notes will receive principal at a 3.5% premium plus any accrued interest, effectively retiring this debt on Aug 15, 2026.
• The change from secured to unsecured (effective June 25, 2026) and the full redemption alters the company’s debt profile and creditor priorities for these instruments.
• Investors should note the cash outflow required to redeem the notes at a premium and the timing of the interest payment; the company provided this information under Regulation FD in its Form 8‑K.