Carnival Completes $3 Billion Private Notes Offering with Investment Grade-Style Covenants

Paul, Weiss advised Carnival Corporation & plc in its private offering of $3 billion aggregate principal amount of 5.75% senior unsecured notes due 2032. Carnival will use the proceeds from the offering, completed on July 16, to repay borrowings under its senior secured term loan facility and to redeem $2.4 billion of its 5.750% senior unsecured notes due 2027. The indenture that governs the notes has investment grade-style covenants.

The Paul, Weiss team was led by corporate partners John Kennedy and Luke Jennings, and included tax partner Brian Grieve and counsel Christina Cerrito; and executive compensation counsel Jake Glazeski.