<SEC-DOCUMENT>0001193125-19-270748.txt : 20191021
<SEC-HEADER>0001193125-19-270748.hdr.sgml : 20191021
<ACCEPTANCE-DATETIME>20191021150808
ACCESSION NUMBER:		0001193125-19-270748
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191021
DATE AS OF CHANGE:		20191021

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL PLC
		CENTRAL INDEX KEY:			0001125259
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-223555-01
		FILM NUMBER:		191159535

	BUSINESS ADDRESS:	
		STREET 1:		100 HARBOUR PARADE
		STREET 2:		CARNIVAL HOUSE
		CITY:			SOUTHAMPTON SO15 1ST
		STATE:			X0
		ZIP:			00000
		BUSINESS PHONE:		011 44 23 8065 5000

	MAIL ADDRESS:	
		STREET 1:		100 HARBOUR PARADE
		STREET 2:		CARNIVAL HOUSE
		CITY:			SOUTHAMPTON SO15 1ST
		STATE:			X0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	P&O PRINCESS CRUISES PLC
		DATE OF NAME CHANGE:	20000929

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL CORP
		CENTRAL INDEX KEY:			0000815097
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				591562976
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		3655 N W 87TH AVE
		STREET 2:		PO BOX 1347
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178-2428
		BUSINESS PHONE:		3055992600

	MAIL ADDRESS:	
		STREET 1:		3655 N W 87TH AVE
		STREET 2:		PO BOX 1347
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARNIVAL CRUISE LINES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Final Term Sheet </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October 21, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to
Rule 433 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Nos.&nbsp;333-223555-01 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">and 333-223555 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CARNIVAL PLC
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FINAL TERM SHEET </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated: October&nbsp;21, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>1.000%
Senior Notes due 2029 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Carnival plc (the &#147;Company&#148;)</TD></TR>
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<TD VALIGN="top">Guarantor:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Carnival Corporation</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Security:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.000% Senior Notes due 2029</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Expected Ratings*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A3 <FONT STYLE="white-space:nowrap">(stable)/A-</FONT> (negative) (Moody&#146;s/S&amp;P)</TD></TR>
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<TD VALIGN="top">Size:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128;600,000,000</TD></TR>
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<TD VALIGN="top">Format:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">SEC-registered</FONT></TD></TR>
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<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;28, 2029</TD></TR>
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<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.000% per year, accruing from October&nbsp;28, 2019</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Coupon Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;28, commencing on October&nbsp;28, 2020, and every year thereafter up to and including the maturity date</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Mid-Swaps:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.065%</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Spread to <FONT STYLE="white-space:nowrap">Mid-Swaps:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+98 basis points</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Re-offer</FONT> Yield to Maturity (annual):</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.045%</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Benchmark Government Security:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.000% DBR due August&nbsp;15, 2029</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Government Security Price and Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">103.480%; <FONT STYLE="white-space:nowrap">-0.348%</FONT></TD></TR>
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<TD VALIGN="top">Spread to Benchmark Government Security:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">139.3 basis points</TD></TR>
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<TD VALIGN="top">Day Count Convention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Act/Act (ICMA)</TD></TR></TABLE>
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<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Prior to July&nbsp;28, 2029, as a whole at any time or in part from time to time, at the Company&#146;s option, at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and
(ii)&nbsp;the sum of the present values of the Remaining Scheduled Payments, as defined in the Company&#146;s prospectus supplement dated October&nbsp;21, 2019 (the &#147;<U>Prospectus Supplement</U>&#148;), discounted to the redemption date, on an
annual basis, at the Comparable Government Bond Rate, as defined in the Prospectus Supplement, plus 25 basis points, plus, in each case, accrued and unpaid interest to, but not including, the date of redemption. On or after July&nbsp;28, 2029, as a
whole at any time or in part from time to time, at the Company&#146;s option, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus, in each case, accrued and unpaid interest to, but not including, the
date of redemption.</TD></TR>
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<TD VALIGN="top">Payment of Additional Amounts:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Yes, as provided in the Prospectus Supplement</TD></TR>
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<TD VALIGN="top">Redemption for Tax Reasons:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Yes, as provided in the Prospectus Supplement.</TD></TR>
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<TD VALIGN="top">Change of Control Provisions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If a Change of Control, as defined in the Prospectus Supplement, occurs that is accompanied by a Rating Downgrade, as defined in the Prospectus Supplement with respect to the Securities, and the rating of the Securities is not
subsequently upgraded within the Change of Control Period, as defined in the Prospectus Supplement, the Company will be required to make an offer to purchase the Securities at a price equal to 101% of their principal amount, plus accrued and unpaid
interest to, but not including, the date of repurchase.</TD></TR>
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<TD VALIGN="top">Listing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to apply to list the Securities on the New York Stock Exchange.</TD></TR>
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<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.575%</TD></TR>
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<TD VALIGN="top">Denominations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Minimum of &#128;100,000 and integral multiples of &#128;1,000 in excess of &#128;100,000</TD></TR>
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<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;21, 2019</TD></TR>
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<TD VALIGN="top">Settlement Date; Settlement and Trading:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;28, 2019 (T+5), through the facilities of Euroclear Bank SA/NV, as operator of the Euroclear System, and Clearstream Banking S.A.</TD></TR></TABLE>
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<TD VALIGN="top">ISIN / Common Code:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XS2066744231 / 206674423</TD></TR>
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<TD VALIGN="top">Joint Book-Running Managers:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNP Paribas</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets
Limited</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch
International</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NatWest Markets Plc</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mizuho International plc</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Australia and New Zealand Banking Group Limited</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banco Santander, S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank of China Limited, London Branch</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG, London Branch</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DZ Financial Markets LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HSBC Securities (USA) Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lloyds Bank Corporate Markets plc</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PNC Capital Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Williams Capital Group,
L.P.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Note</B>: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal at any time. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MiFID II professionals/ECPs-only / No PRIIPs KID</B> &#151; Manufacturer target market (MiFID II
product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the Notes are not available to retail investors in the EEA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC
Web site at www.sec.gov. Alternatively, the Company, Carnival Corp., any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas toll-free at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-854-5674,</FONT></FONT></FONT> Citigroup Global Markets Limited toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-831-9146,</FONT></FONT></FONT> Goldman Sachs&nbsp;&amp; Co. LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-471-2526,</FONT></FONT></FONT>
Merrill Lynch International toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322</FONT></FONT></FONT> and NatWest Markets Plc toll-free at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">44-(0)-20</FONT></FONT> -7085-5862. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any disclaimer or other notice that may appear below is not applicable to this
communication and should be disregarded (other than any statement relating to the identity of the legal entity authorizing or sending this communication in a <FONT STYLE="white-space:nowrap">non-US</FONT> jurisdiction). Such disclaimer or notice was
automatically generated as a result of this communication being sent by Bloomberg or another email system. </P>
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