Carnival Completes over $7 Billion in Three Concurrent Offerings and EUR 800 Million Term Loan

Track record

6 October 2020

Our firm advised J.P. Morgan Chase Bank as their special legal counsel for matters of Curacao law with Simpson Thacher & Bartlett LLP (United States) as leading legal counsel in connection with three private offerings and the entering into of a Term Loan in the period of April through August 2020 by Carnival Corporation & plc.

Carnival Corporation & plc. is the world’s largest cruise travel company with operations in North America, Australia, Europe and Asia and intends to use the net proceeds from these offerings and loans for general corporate purposes.

Our firm assisted J.P. Morgan Chase Bank, N.A.  in connection with the private note offerings by Carnival Corporation (NYSE: CCL)  of an aggregate principal amount of:

  • $4 billion of 11.5% First-Priority Senior Secured Notes and $2.01 billion of 5.75% Convertible Senior Notes, both due 2023 (April 2020);
  • $775 million of 10.5% Second-Priority Senior Secured Notes and €425 million of 10.125% Second-Priority Senior Secured Notes both due 2026 (July 2020);
  • $900 million of 9.875% Second-Priority Senior Secured Notes due 2027 (August 2020); and
  • a Term Loan Agreement comprising of two tranches in an aggregate principal amount of $1.86 billion and €800 million, respectively, entered into by CCL (June 2020).

The team consisted of Focco Lunsingh Scheurleer, Inge van Hees-Wolswijk and Sixiènne Jansen. Our team  assisted the client with matters of the laws of Curaçao and the creation of the relevant consecutive first and second ranking security interests under Curacao law as the jurisdiction of registration in respect of part of Carnival’s fleet  for the respective secured notes and Term Loan.

For more details on the transaction, please contact Focco Lunsingh Scheurleer. We refer to the following related articles in the Financial Times.