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Carnival Corporation & plc Closes Debt Financings Totaling $4 Billion

Paul, Weiss advised Carnival Corporation & plc in two debt financing transactions totaling approximately $4 billion completed in June and July.

The first transaction consisted of a first-priority senior secured term loan facility that included two tranches in the principal amounts of $1.86 billion and €800 million.

The second transaction included a Rule 144A offering of $775 million principal amount of 10.500% second-priority senior secured notes due 2026, and a Rule 144A offering of €425 million principal amount of 10.125% second-priority senior secured notes due 2026.

This follows Paul, Weiss’s groundbreaking work in April on three equity and debt offerings for Carnival representing an aggregate amount of $6.6 billion. Carnival is one of the world’s largest leisure travel companies, with a portfolio of nine of the world’s leading cruise lines and operations in North America, Australia, Europe and Asia.

The team for the June and July transactions included corporate partners John Kennedy, Lawrence Wee and Eric Goodison and counsel Patricia Vaz de Almeida; the late tax partner David Sicular; IP partner Claudine Meredith-Goujon; environmental counsel William O’Brien; and employee benefits counsel Uri Horowitz.

July 20, 2020

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