Carnival Corporation & plc announced that Carnival Corporation commenced a private offering (the "Notes Offering") of new senior unsecured notes in an aggregate principal amount of ?500 million, expected to mature in 2030 (the "Notes") to refinance its ?500 million 7.625% senior unsecured notes due 2026 (the "2026 Euro Unsecured Notes"), expecting to reduce interest expense. The Company issued a conditional notice of redemption for the entire outstanding principal amount of the 2026 Euro Unsecured Notes to be redeemed on or about April 26, 2024 at a redemption price equal to 101.906% of the principal amount of the 2026 Euro Unsecured Notes, plus accrued and unpaid interest. The Company expects to fund the redemption using the net proceeds from the Notes Offering and cash on hand, and the redemption is conditioned on the closing of the Notes Offering.

In addition, and continuing its ongoing debt and interest expense reduction and capital structure simplification, the Company expects to commence the marketing of a repricing transaction (the "Repricing Transaction") with respect to its $2.3 billion first-priority senior secured term loan facility maturing in 2028 (the "2028 Secured Term Loan Facility") and its $1.3 billion senior secured term loan facility maturing in 2027 (the "2027 Secured Term Loan Facility"). As part of the Repricing Transaction, the Company expects to make partial prepayments of outstanding amounts under the 2028 Secured Term Loan Facility and the 2027 Secured Term Loan Facility in an aggregate amount of up to $800 million. 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.