Aug 2023
Conyers advised Carnival Corporation & plc in connection with a debt refinancing transaction resulting in approximately US$1.8 billion of proceeds to the company.
The refinancing transaction consisted of a private offering of US$500 million aggregate principal amount of 7.00% senior secured notes due 2029 and an upsized US$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 US$1.2 billion of second-lien debt using cash on hand.
Conyers lawyers Victor Richards and Alexis Haynes advised on this matter, alongside Paul Weiss NY and Norton Rose.