Carnival Corp has offered another $1bn in bonds as part of the cruise major’s 2024 refinancing plan to address about $35bn in debt piled on during the Covid-19 pandemic.

The New York-listed cruise ship giant will sell the convertible senior notes, which mature in 2027, in a private offering.

The new debt will be guaranteed by Carnival’s US and UK umbrella companies, as well as subsidiaries that own or operate vessels, or that control intellectual property, though the debt will not be secured by assets.

Investors in the new bonds will be able to convert them into shares and cash, depending on certain conditions.

Carnival will not be able to redeem the bonds before 5 December 2025, unless the company’s stock price exceeds 130% of a specified conversion price for at least 20 trading days.

The Josh Weinstein-led company intends to give the initial investors in the offering options to buy up an additional $150m.

Carnival expects to use some of the proceeds from the deal to pay down debt, while some will go to general corporate purposes.

The cruise giant offered $2bn in notes in a private offering in mid-October. The coupon rate was set at nearly 10.4%.

That deal came a year after Carnival issued $2bn in unsecured notes at a coupon rate of 6%.

Carnival announced the new debt offering on the same day that it announced that changes in the company’s board of directors, with UK business leader Sir John Parker stepping down and former Dun & Bradstreet chief executive Sara Mathew joining.