EXHIBIT 99.1
Carnival
Corporation & plc Announces the Redemption of Existing $993 Million 7.625% Senior Unsecured Notes due 2026 and Launch of New Senior
Unsecured Notes Offering for Interest Expense Reduction
MIAMI, May 12, 2025 /PRNewswire/ -- Carnival Corporation
& plc (NYSE/LSE: CCL; NYSE: CUK) today announced that Carnival Corporation (the “Company”) commenced a private offering
(the “Notes Offering”) of new senior unsecured notes in an aggregate principal amount of $1.0 billion, expected to mature
in 2031 (the “Notes”), to refinance the Company’s $993 million 7.625% senior unsecured notes due 2026 (the “2026
Unsecured Notes”), expecting to reduce interest expense and manage its future debt maturities. In addition, the indenture that will
govern the Notes is expected to have investment grade-style covenants.
The Company issued a conditional notice of redemption
for the entire outstanding principal amount of the 2026 Unsecured Notes to be redeemed on or about May 22, 2025, at a redemption price
equal to 100.0% of the principal amount of the 2026 Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but excluding,
the redemption date. The Company expects to fund the redemption using the net proceeds from the Notes Offering. The redemption is conditioned
on the closing of the Notes Offering.
This press release does
not constitute a notice of redemption with respect to the 2026 Unsecured Notes.
The Notes will be offered only to persons reasonably
believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.
The Notes will not be registered under the Securities
Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to
sell or the solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or
sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful.
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
Carnival Corporation and Carnival plc and their respective
subsidiaries are referred to collectively in this press release as “Carnival Corporation & plc,” “our,” “us”
and “we.” Some of the statements, estimates or projections contained in this press release are “forward-looking statements”
that involve risks, uncertainties and assumptions with respect to us, including some statements concerning the financing transactions
described herein, future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not
yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements
that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our
business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to
identify these statements by using words like “will,” “may,” “could,” “should,” “would,”
“believe,” “depends,” “expect,” “goal,” “aspiration,” “anticipate,”
“forecast,” “project,” “future,” “intend,” “plan,” “estimate,”
“target,” “indicate,” “outlook” and similar expressions of future intent or the negative of such
terms.
Forward-looking statements include those statements
that relate to our outlook and financial position including, but not limited to, statements regarding:
| · | Interest, tax and fuel expenses |
| · | Liquidity and credit ratings |
| · | The transactions described herein |
Because forward-looking statements involve risks and
uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those
expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we
consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations
and financial position. These factors include, but are not limited to, the following:
| · | Events and conditions around the world, including geopolitical uncertainty, war and other military actions,
pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to
travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations. |
| · | Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of
our guests and crew and lead to reputational damage. |
| · | Changes in and non-compliance with laws and regulations under which we operate, such as those
relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic
sanctions, trade protection, labor and employment and tax, may be costly and lead to litigation, enforcement actions, fines,
penalties and reputational damage. |
| · | Factors associated with climate change, including evolving and increasing regulations, increasing concerns about climate change and the shift in climate conscious consumerism and stakeholder scrutiny and increasing frequency and/or severity of adverse weather conditions could have a material impact on our business. |
| · | Inability to meet or achieve our targets, goals, aspirations and initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business. |
| · | Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal
offices, information technology operations and system networks and failure to keep pace with developments in technology have adversely
impacted and may in the future materially adversely impact our business operations, the satisfaction of our guests and crew and may lead
to fines, penalties and reputational damage. |
| · | The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team
members and increased labor costs could have an adverse effect on our business and results of operations. |
| · | Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely
impact our scheduled itineraries and costs. |
| · | We rely on suppliers who are integral to the operations of our businesses. These suppliers and service
providers may be unable to deliver on their commitments, which could negatively impact our business. |
| · | Fluctuations in foreign currency exchange rates may adversely impact our financial results. |
| · | Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our
cruise sales, pricing and destination options. |
| · | Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may
adversely impact our business operations and the satisfaction of our guests. |
| · | We require a significant amount of cash to service our debt and sustain our operations. Our ability to
generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service
our debt and sustain our operations. |
| · | Our substantial debt could adversely affect our financial health and operating flexibility. |
| · | The risk factors included in Carnival Corporation’s and Carnival plc’s Annual Report on Form
10-K filed with the SEC on January 27, 2025. |
The ordering of the risk factors set forth above is
not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and
in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations.
There may be additional risks that we consider immaterial or which are unknown.
Forward-looking statements should not be relied upon
as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we
expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking
statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.
Forward-looking and other statements in this document
may also address our sustainability progress, plans and goals (including climate change and environmental-related matters). In addition,
historical, current and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring
progress that are still developing, internal controls and processes that continue to evolve and assumptions and predictions that are subject
to change in the future and may not be generally shared.
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
