Carnival Corporation Completes $1.8 Billion Refinancing Transaction

Paul, Weiss advised Carnival Corporation & plc in connection with a debt refinancing transaction resulting in approximately $1.8 billion of proceeds to the company. The refinancing transaction consisted of a private offering of $500 million aggregate principal amount of 7.00% senior secured notes due 2029 and an upsized $1.3 billion secured first lien term loan B facility maturing in 2027. The proceeds of the transaction were used to repay a portion of Carnival’s existing first-priority senior secured term loan facility maturing in 2025. Additionally, in connection with the transactions, Carnival is redeeming $1.2 billion of second-lien debt using cash on hand.

The Paul, Weiss team was led by securities partners John Kennedy and Luke Jennings, and included, among others, securities counsel Patricia Vaz de Almeida; tax partner Brian Grieve and counsel Christina Cerrito; intellectual property partner Claudine Meredith-Goujon; and executive compensation counsel Jake Glazeski.