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Carnival Corp is redeeming its $869.8mn 9.875% 2027s notes that were issued during the peak of the Covid pandemic. The company plans the early redemption of the notes on February 1, whilst it has a call date on February 21 with a call redemption price of 104.9. S&P last month noted that Carnival was working its way to get back to an investment grade rating whilst also trying to reduce its overall interest expenses. The BB- rated company has $28.4bn in long-term debt, as per Bloomberg. Analysts note that the redemption of the second-lien notes should help reduce its interest expenses along the way.
The notes are currently trading at 105.44 cents on the dollar.