The transaction sees the company raise liquidity through a fully subscribed secured note issuance of $4.00 billion aggregate principal amount of notes, the net proceeds of which it expects to use for general corporate purposes.
Carnival Corporation & plc is the world’s largest leisure travel company, with a portfolio of nine of the world’s leading cruise lines, including P&O Cruises and Cunard, with operations in Europe, Asia, North America and Australia.
Led by Burges Salmon partner Rachael Ruane and director Victoria Allsopp, the firm’s Banking team provided English law support to U.S. Bank National Association, collateral agent acting on behalf of the secured noteholders providing liquidity to Carnival Corporate & plc. The team worked with US law firm Thompson Hine as lead counsel to U.S. Bank to provide seamless cross-border support.
Rachael says: “Despite the current economic conditions it’s reassuring to see such appetite in the market for Carnival’s note issuance. We are delighted to have been able to work with Thompson Hine and support U.S. Bank in its role as collateral agent.”