CCL Carnival Corp

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported) June 13, 2025

 

Carnival Corporation		Carnival plc
(Exact name of registrant as specified in its charter)		(Exact name of registrant as specified in its charter)
Republic of Panama		England and Wales
(State or other jurisdiction of incorporation)		(State or other jurisdiction of incorporation)
001-9610		001-15136
(Commission File Number)		(Commission File Number)
59-1562976		98-0357772
(I.R.S. Employer Identification No.)		(I.R.S. Employer Identification No.)
3655 N.W. 87th Avenue Miami, Florida 33178-2428		Carnival House, 100 Harbour Parade, Southampton SO15 1ST, United Kingdom
(Address of principal executive offices) (Zip code)		(Address of principal executive offices) (Zip code)
(305) 599-2600		011 44 23 8065 5000
(Registrant’s telephone number, including area code)		(Registrant’s telephone number, including area code)
None		None
(Former name or former address, if changed since last report.)		(Former name or former address, if changed since last report.)

 

CIK	0001125259
Amendment Flag	False

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock ($0.01 par value)		CCL		New York Stock Exchange, Inc.
Ordinary Shares each represented by American Depository Shares ($1.66 par value) Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust		CUK		New York Stock Exchange, Inc.
1.000% Senior Notes due 2029		CUK29		New York Stock Exchange LLC

Indicate by check mark whether the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2) of this chapter).

Emerging growth companies ☐

If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 1.01

Entry into a Material Definitive Agreement.

 

The disclosure set forth below under Item 2.03 is incorporated by reference into this Item 1.01.

Item 1.02

Termination of a Material Definitive Agreement.

 

The disclosure set forth below under Item 2.03 is incorporated by reference into this Item 1.02.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On June 13, 2025, Carnival Corporation and Carnival plc, each as a borrower, entered into a new $4.5 billion multi-currency revolving credit agreement (the “New Revolver”) with a syndicate of financial institutions (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent. The New Revolver will replace the $1.9 billion, €0.9 billion and £0.1 billion existing multi-currency revolving credit agreement (the “Existing Revolver”) entered into by Carnival Holdings (Bermuda) II Limited, a subsidiary of Carnival Corporation, with a syndicate of financial institutions and J.P. Morgan SE, as facilities agent. The New Revolver also contains an accordion feature, allowing for up to $1.0 billion of additional revolving commitments.

 

Borrowings under the New Revolver bear interest at a rate of term SOFR, EURIBOR, or daily SONIA, as applicable, plus a margin based on the long-term credit ratings of Carnival Corporation.

 

The New Revolver contains representations, warranties, covenants and events of default that are customary for a transaction of this type. Borrowings may be used for working capital and general corporate purposes. The New Revolver will be unsecured and initially guaranteed on an unsecured basis by the same subsidiaries of Carnival Corporation and Carnival plc that guarantee Carnival Corporation’s senior secured term loan facilities. Carnival Corporation and Carnival plc have each guaranteed on an unsecured basis each other’s respective obligations as well as the obligations of the subsidiary guarantors under the New Revolver.

 

The New Revolver will mature on June 13, 2030, at which time all outstanding amounts under the New Revolver will be due and payable.

 

Some of the Lenders under the New Revolver and the Existing Revolver and their affiliates have various relationships with Carnival Corporation, Carnival plc and certain of their subsidiaries involving the provision of financial services, including cash management, investment banking and trust services. In addition, Carnival Corporation & plc have entered into other loan arrangements as well as certain derivative arrangements with certain of the Lenders and their affiliates.

 

Item 7.01

Regulation FD Disclosure.

 

On June 13, 2025, Carnival Corporation and Carnival plc issued a press release announcing the closing of the New Revolver. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated by reference herein. The press release includes forward-looking statements. See “Cautionary Note Concerning Forward-Looking Statements” within the press release for additional information.

 

Carnival Corporation and Carnival plc are furnishing the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, to comply with Regulation FD. Such information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of Carnival Corporation and Carnival plc’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filing.

 

 

Item 9.01

Financial Statements and Exhibits.

 

(d) Exhibits

Exhibit No.		Description
99.1		Press release of Carnival Corporation and Carnival plc dated June 13, 2025.
104		Cover Page Interactive Data File (embedded with the Inline XBRL document).

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CARNIVAL CORPORATION			CARNIVAL PLC
By:	/s/ David Bernstein		By:	/s/ David Bernstein
Name:	David Bernstein		Name:	David Bernstein
Title:	Chief Financial Officer and Chief Accounting Officer		Title:	Chief Financial Officer and Chief Accounting Officer
Date: June 13, 2025			Date: June 13, 2025

 

 

 

 

 

EXHIBIT 99.1

 

Carnival Corporation & plc Announces New $4.5 Billion Revolving Credit Facility to Upsize and Extend the Company’s Revolver Capacity

MIAMI, June 13, 2025 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) (the “Company”) today announced that it has successfully arranged a new $4.5 billion multi-currency revolving credit facility (the “New Revolver”). The New Revolver matures in June 2030 and will replace the existing multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a subsidiary of Carnival Corporation. The New Revolver also contains an accordion feature, allowing for up to $1.0 billion of additional revolving commitments.

 

“This 50 percent increase in our revolver meaningfully enhances our liquidity, providing opportunities to continue accelerating our debt reduction efforts,” said David Bernstein, Chief Financial Officer. “Securing this significant upsize and extension to our revolver, on more favorable terms, also reflects confidence in our continued performance and achieves another milestone toward rebuilding our financial fortress.”

 

According to Bernstein, the New Revolver is a testament to the Company’s continued business improvement and strong banking relationships.

 

The New Revolver will be unsecured and initially guaranteed on an unsecured basis by the same subsidiaries of the Company that guarantee the Company’s senior secured term loan facilities. Carnival Corporation and Carnival plc, each as a borrower, are entering into the New Revolver with a global syndicate of financial institutions and JPMorgan Chase Bank, N.A., as administrative agent.

 

About Carnival Corporation & plc

 

Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.

 

Cautionary Note Concerning Forward-Looking Statements

 

Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows and liquidity and other events which have not yet occurred. Forward-looking statements reflect management’s current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained by visiting the Investor Relations page of our website at www.carnivalcorp.com/investors/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

SOURCE Carnival Corporation & plc

 

Carnival Corporation & plc Media Contact: Jody Venturoni, Carnival Corporation, jventuroni@carnival.com, (469) 797-6380

 

Carnival Corporation & plc Investor Relations Contact: Beth Roberts, Carnival Corporation, eroberts@carnival.com, (305) 406-4832

 

 

v3.25.1

Cover	Jun. 13, 2025
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jun. 13, 2025
Entity File Number	001-9610
Entity Registrant Name	Carnival Corporation
Entity Central Index Key	0000815097
Entity Tax Identification Number	59-1562976
Entity Incorporation, State or Country Code	R1
Entity Address, Address Line One	3655 N.W. 87th Avenue
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178-2428
City Area Code	305
Local Phone Number	599-2600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
Entity File Number	001-15136
Entity Registrant Name	Carnival plc
Entity Central Index Key	0001125259
Entity Tax Identification Number	98-0357772
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	Carnival House
Entity Address, Address Line Two	100 Harbour Parade
Entity Address, City or Town	Southampton
Entity Address, Country	GB
Entity Address, Postal Zip Code	SO15 1ST
City Area Code	011
Local Phone Number	44 23 8065 5000
Carnival PLC | Ordinary Shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares each represented by American Depository Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC | 1.000% Senior Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

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