Carnival Corporation: Covenant Quality Post-Sale Snapshot: $900m 9.875% Second-Priority Senior Secured Notes due 2027
CORPORATES ISSUER IN-DEPTH 3 September 2020 Source Documents: Offering Memorandum: 14 August 2020 Peer Group: LEISURE & ENTERTAINMENT: CRUISE LINES This report contains Moody's analysis of the principal protections and weaknesses of the covenant package of the Notes based on information contained in the Offering Memorandum dated 14 Aug 2020. Contacts Lisa Gundy +44.20.7772.1962 VP-SeniorCarnival is a leisure travel and cruise company. Co. operates over 100 cruise ships within a portfolio of global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences. Co.'s North America cruise brands include Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn. Co. also has a Cruise Support segment that represents its portfolio of port destinations and private islands, which are operated for the benefit of its cruise brands. In addition to its cruise operations, Co. owns Holland America Princess Alaska Tours, the tour company in Alaska and the Canadian Yukon, which complements Co.'s Alaska cruise operations.
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