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Carnival Corporation Completes $1.8 Billion Refinancing Transaction
- Client News
- August 8, 2023
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 finance partner Caith Kushner, and included securities counsel Patricia Vaz de Almeida; finance counsel Adam Longenbach; tax partner Brian Grieve and counsel Christina Cerrito; intellectual property partner Claudine Meredith-Goujon; and executive compensation counsel Jake Glazeski.