Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the private offering by Carnival Holdings (Bermuda) Limited, a wholly-owned, direct subsidiary of Carnival Corporation (“Carnival”) (NYSE: CCL), of an aggregate principal amount of $2.03 billion of 10.375% Senior Priority Notes due 2028.
Carnival expects to initially use the net proceeds of the offering to repay amounts drawn under its revolving credit facility, which remains available for future principal payments on debt and for general corporate purposes.
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, Jieun Lim and Natalie Sherburne (Capital Markets); Michael Mann and Scott Grundei (Tax); Rachelle Broida (Intellectual Property); Jeanne Annarumma (ECEB); and Jennie Getsin (Blue Sky).