Simpson Thacher represented the initial purchasers, led by Citigroup Global Markets Inc., in connection with the private offering by Carnival Corporation (NYSE: CCL) (“Carnival”) of an aggregate principal amount of $2.0 billion of 6.125% senior unsecured notes due 2033.
Carnival used the net proceeds from the notes offering, together with cash on hand, to redeem the $2.03 billion 10.375% senior priority notes due 2028 of Carnival Holdings (Bermuda) Limited.
Carnival is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.
The Simpson Thacher team for the transaction included John C. Ericson, John G. O’Connell, Ryan Surujnath and Sofia Elkina (Capital Markets); Michael Mann and Paul Jansch (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Sara Liu (Intellectual Property); and Jennie Getsin (Blue Sky).