Carnival Closes €500 Million Notes Offering and Repricing of Term Loan B Facilities

Paul, Weiss advised Carnival Corporation & plc in its offering of €500 million aggregate principal amount of 5.750% senior unsecured notes due 2030, as well as the repricing of approximately $1.75 billion of senior secured term loans under its senior term loan facility maturing in 2028 and approximately $1 billion of senior secured term loans under its senior secured term loan facility maturing in 2027. The net proceeds from the notes offering, together with cash on hand, were used to redeem Carnival’s existing €500 million 7.625% senior unsecured notes due 2026.

The Paul, Weiss team included, among others, corporate partners John Kennedy and Luke Jennings; tax partner Brian Grieve and counsel Christina Cerrito; executive compensation counsel Jake Glazeski; and environmental counsel William O’Brien.