Simpson Thacher Represents Placement Agents in Convertible Note Exchange Offer by Carnival
08.31.22
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Simpson Thacher represented the placement agents in connection with Carnival Corporation’s (“Carnival”) (NYSE: CCL) privately negotiated exchange of approximately $339 million aggregate principal amount of Carnival’s existing 5.75% convertible senior notes due 2023 for an equivalent aggregate principal amount of new 5.75% convertible senior notes due 2024.
The new notes have the same initial conversion price as the existing notes, representing no dilution to shareholders at scheduled maturity compared to the existing notes, the same coupon and no upfront cost to Carnival. The exchange closed on August 22, 2022.
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, Lia Toback, Jieun Lim and Jessica Shieh (Capital Markets); Michael Mann and Scott Grundei (Tax); and Deborah Harris (EEA/UK).