Carnival: common share buy and sell program – Cruise Industry News

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Carnival Corporation announced that Carnival Corporation has filed a prospectus supplement with the United States Securities and Exchange Commission, under which it may offer and sell shares of its common stock through its agent, BofA Securities, Inc., at an aggregate offer price of up to $ 500 million from time to time through a “to market” equity offering program.

Carnival Corporation intends to use the net proceeds of the Offering to purchase common shares of Carnival plc on at least an equivalent basis.

Carnival Corporation has stated that it may use the remaining net proceeds, if any, of the offering for general corporate purposes.

Carnival Corporation intends to sell the Offering Shares only when the ordinary shares of Carnival plc are trading on a UK market at a discount to the ordinary shares of Carnival Corporation.

Therefore, Carnival Corporation and Carnival plc would derive economic benefit from the placement and use of the proceeds thereof.

To the extent that the trading prices of the common shares of Carnival plc increase and are greater than the sale prices of the shares already sold under the Offer, Carnival Corporation will use the net proceeds of such sales for general corporate purposes. business. The timing of any sale will depend on various factors.

The maximum number of ordinary Carnival plc shares that may be purchased by Carnival Corporation under the share purchase program is 18,383,016 shares, which is the maximum authorized under the share repurchase authorization granted. at the annual general meetings of Carnival Corporation and Carnival plc in 2021.

The share purchase program will run from June 28, 2021 and is currently expected to end no later than January 31, 2022.

All common shares of Carnival plc purchased under the share purchase program will be held by Carnival Corporation in accordance with the terms of the articles of Carnival plc and will have no voting rights while held by Carnival Corporation or its subsidiaries. None of the common shares purchased from Carnival plc will be canceled or held as treasury shares.


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