Carnival Corporation Closes Private Placement Of Zero-Coupon Convertible Debt

Thursday, October 25, 2001
Carnival Corporation today announced the completion of the previously announced private placement of its 20-year zero-coupon convertible notes, which resulted in gross proceeds to the company of $400 million.

In connection with the offering, the placement agent has also exercised in full its over-allotment option to purchase additional 20-year zero-coupon convertible notes, which will result in gross proceeds to the company of $100 million. The purchase of the additional notes is expected to close on October 26, 2001.

Net proceeds from the offering will be used to repay approximately $160 million of existing bank indebtedness maturing in November 2001, for the approximate $300 million final payment for Carnival Cruise Lines' new cruise ship, Carnival Pride, scheduled to be delivered in December 2001, and for general corporate purposes.

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