Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities plc, in connection with the private offering by Carnival Corporation (NYSE: CCL) (“Carnival”) of an aggregate principal amount of approximately €500 million of 5.75% Senior Unsecured Notes due 2030.
Simpson Thacher also represented the joint bookrunners and co-managers, led by JPMorgan Chase Bank, N.A., in connection with the repricing of Carnival’s approximately $1.75 billion of first-priority senior secured term loans under its first-priority senior secured term loan facility maturing in 2028 and approximately $1 billion of first-priority senior secured term loans under its first-priority senior secured term loan facility maturing in 2027.
Carnival expects to use the net proceeds from the notes offering, together with cash on hand, to redeem its €500 million 7.625% senior unsecured notes due 2026.
Carnival is one of the world’s largest leisure travel companies with operations in North America, Australia, Europe and Asia.
The Simpson Thacher team for the transaction included John C. Ericson, John O’Connell, Ignacio Perez, Neil Patel and Jerry Du (Capital Markets); Patrick Ryan, Matthew Farrell, Christine Marshall, Mari Zaldivar, Rani Shah and Tenzin Dolkar (Credit); Michael Mann (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Ziang Zhou (Intellectual Property); and Jennie Getsin (Blue Sky).