Jul 2025
Conyers advised Carnival Corporation in respect of its private offering of EUR€1.0 billion aggregate principal amount of 4.125% senior unsecured notes due 2031.
Carnival Corporation will use the net proceeds from the Notes Offering to fully repay the borrowings under Carnival Corporation’s first-priority senior secured term loan facility maturing in 2027 and to repay a portion of the borrowings under Carnival Corporation’s first-priority senior secured term loan facility maturing in 2028. In conjunction with Carnival Corporation’s prepayment of US$450 million on 27 June 2025 towards the 2027 Term Loan Facility, this transaction builds on its continuing efforts to deleverage, reduce interest expense, simplify its capital structure and manage its maturity profile. In addition, the indenture that governs the Notes has investment grade-style covenants.
Director Victor Richards, Senior Associate Alexis Haynes and Associate Joshua DeAllie of Conyers’ Bermuda office advised on this matter.