Carnival Completes $1 Billion Private Investment Grade Notes Offering

Paul, Weiss advised Carnival Corporation & plc in its private offering of $1 billion aggregate principal amount of 5.750% senior unsecured notes due 2030. Carnival will use the net proceeds from the offering together with cash on hand, to redeem its $1 billion 10.500% senior unsecured notes due 2030.

The offering and the redemption of the 2030 unsecured notes were a continuation of Carnival’s strategy to reduce interest expense; the company expects to reduce net annual interest expense by approximately $45 million as a result of this transaction.

The Paul, Weiss team was led by, among others, corporate partners John Kennedy and Luke Jennings; tax counsel Christina Cerrito; and executive compensation counsel Jake Glazeski.