Printer Friendly

CARNIVAL CRUISE LINES ANNOUNCES EARLY REDEMPTION OF ZERO COUPON CONVERTIBLE SUBORDINATED NOTES DUE 2005

 CARNIVAL CRUISE LINES ANNOUNCES EARLY REDEMPTION OF ZERO COUPON
 CONVERTIBLE SUBORDINATED NOTES DUE 2005
 MIAMI, June 4 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) announced that it will redeem its outstanding zero coupon convertible subordinated notes due June 15, 2005, at a redemption price of $384.30 per $1,000 principal amount at maturity, on June 19, 1992. The aggregate redemption price will amount to approximately $221 million. The company expects to incur an extraordinary non-cash charge of approximately $5.5 million in its third quarter to write off the deferred financing costs arising from the original
issuance of the notes on June 22, 1990. The company initially will finance the redemption through short-term bank lines and working capital. Carnival Chairman and CEO Micky Arison said the company plans to refinance the redemption with either longer-term debt financing or through the issuance of equity-linked securities but has not yet made any decisions in this regard. "We think redeeming the outstanding notes makes a great deal of sense because of the low interest rates available in today's markets," Arison explained.
 Carnival is the world's largest cruise line based on number of passengers carried. Together with its affiliated cruise lines, Holland America Line, Windstar Cruises and Seabourn Cruise Line, it operates 18 ships in the Caribbean, Alaska and other worldwide destinations. Carnival has contracted for the construction of three 2,600-passenger ships, the Sensation, Fascination and Imagination, which are scheduled for delivery in 1993, 1994 and 1995, respectively. It also has contracted to construct three new ships for Holland America Line. The first of these, the Statendam, is scheduled for delivery in late 1992, with the Maasdam and Ryndam to be delivered in late 1993 and 1994, respectively.
 -0- 6/4/92
 /CONTACT: Tim Gallagher of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL) CO: Carnival Cruise Lines, Inc. ST: Florida IN: LEI SU:


AW-JJ -- FL009 -- 7188 06/04/92 16:35 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 4, 1992
Words:320
Previous Article:SABINE ROYALTY TRUST ANNOUNCES CASH DISTRIBUTION
Next Article:A&P ANNOUNCES COMPLETION OF NEWLY RENOVATED COMMUNITY FOOD MARKET IN WASHINGTON TOWNSHIP/ROMEO AREA, SUNDAY, JUNE 7, AT 8 A.M.
Topics:


Related Articles
CARNIVAL CRUISE LINES FILES REGISTRATION STATEMENT FOR $100 MILLION OF CONVERTIBLE SUBORDINATED NOTES
CARNIVAL CRUISE LINES REPORTS RECORD THIRD QUARTER EARNINGS
DCR ASSIGNS INITIAL RATINGS TO CARNIVAL CORPORATION
Carnival Corporation Announces Early Redemption of Convertible Subordinate Notes
Carnival Corporation Prices Private Placement of Zero-Coupon Convertible Debt.
Carnival Corporation Closes Private Placement Of Zero-Coupon Convertible Debt.
Royal Caribbean Announces Commencement of Conversion Period for Zero Coupon Convertible Notes Due 2021.
Royal Caribbean Announces Commencement of Conversion Period for Zero Coupon Convertible Notes Due 2021.
Royal Caribbean Calls Zero Coupon Convertible Notes for Redemption.
Royal Caribbean Calls Zero Coupon Convertible Notes for Redemption.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters