Carnival Corporation Ltd. (CCL) established on November 3, 2026 a commercial paper program (short-term promissory notes) that allows it to issue unsecured short-term notes up to a limit of US$ 2 bi outstanding at any time. The notes will be guaranteed by Carnival UK Ltd.
Amounts may be borrowed, repaid and borrowed again over time. The notes will have maturities of up to 180 days from the date of issuance and will be unsubordinated and unsecured obligations of the company, ranking equally with its other debt of that nature.
Net proceeds are expected to be used for general corporate purposes. Carnival plans to use its revolving credit facility as a liquidity backstop for borrowings under the program.
One or more banks will act as dealers, under agreements that provide for the purchase of the notes or for their sale on the company's behalf. A national bank will serve as issuing and paying agent. The notes and the guarantee have not been registered under the U.S. securities laws and may not be sold in the country without registration or an applicable exemption.
