Carnival Announces Results of Exercise of Rights
Carnival Corporation & plc Announces Results of Exercise of Rights by Holders
to Require Repurchase of Senior Convertible Debentures due 2033
MIAMI, April 30 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced today that holders of $467,047,000 aggregate principal amount at
maturity of its Senior Convertible Debentures due 2033 had exercised their
right to have the Company repurchase their Senior Convertible Debentures
pursuant to the Indenture. The Company repurchased the Senior Convertible
Debentures at a price of $646.88 per $1,000 principal amount at maturity,
plus accrued and unpaid interest. As of April 30, 2008, $421,953,000 aggregate
principal amount at maturity of the Senior Convertible Debentures remain
outstanding.
The Indenture governing the Senior Convertible Debentures was amended on
April 25, 2008 to add additional semi-annual cash interest payments at a rate
of 0.50% per annum through October 29, 2009 and certain other covenants and
agreements for the benefit of the holders of the Senior Convertible
Debentures. "We're pleased with the results of the amendment process as we
were able to keep almost half of this debt outstanding at a very attractive
rate," said David Bernstein, Carnival Corporation & plc's Senior Vice
President and Chief Financial Officer.
Pursuant to the Indenture, as so amended, holders of the Senior
Convertible Debentures will also have the opportunity to require the Company
to repurchase their Senior Convertible Debentures on each of October 29, 2009,
April 29, 2013, April 29, 2018, April 29, 2023 and April 29, 2028. The
amendments are described in more detail in a Current Report on Form 8-K filed
by the Company on April 25, 2008.
Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of cruise brands in North America, Europe and
Australia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, The Yachts of Seabourn, AIDA Cruises, Costa Cruises, Cunard Line,
Ibero Cruises, Ocean Village, P&O Cruises and P&O Cruises Australia.
Together, these brands operate 86 ships totaling more than 162,000 lower
berths with 20 new ships scheduled to enter service between July 2008 and June
2012. Carnival Corporation & plc also operates Holland America Tours and
Princess Tours, the leading tour companies in Alaska and the Canadian Yukon.
Traded on both the New York and London Stock Exchanges, Carnival Corporation &
plc is the only group in the world to be included in both the S&P 500 and the
FTSE 100 indices.
SOURCE Carnival Corporation & plc
-0- 04/30/2008
/CONTACT: Media, US, Tim Gallagher of Carnival Corporation & plc,
+1-305-599-2600, ext. 16000; or UK, Richard Jacques or Sophie Brand of
Brunswick Group, +44 (0) 20 7404 5959; or Investors, US - UK, Beth Roberts of
Carnival Corporation & plc, +1-305-406-4832/
/Web site: http://www.carnivalcorp.com /
(CCL CUK)
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