04:36 PM EDT, 04/19/2024 (MT Newswires) -- Carnival (CCL) said Friday it priced a 500 million euros ($532.7 million) private offering of 5.75% senior unsecured notes due 2030.

Proceeds from the offering, plus cash at hand, will be used to redeem 500 million euros of 7.625% senior unsecured notes due 2026, the company added.

Carnival will also will make partial prepayments of $500 million and $300 million under the 2028 secured term loan facility and the 2027 secured term loan facility, respectively, as part of a repricing of the facilities.

These actions will result in over $30 million reduction in net interest expense for the remainder of 2024 and over $50 million on an annualized basis, according to the company.

Carnival expects to close the private offering and repricing transaction on April 25, and the redemption on April 26.