Conyers provided Bermuda law advice to Carnival Corporation in connection with its private offering of US$6 billion in two tranches of notes. The transaction involved numerous jurisdictions including Bermuda, US, UK, Curaçao, Italy, Panama, Cayman and The Bahamas. It closed on 8 April 2020, having been completed in a tight timeframe and with most involved working remotely.
The offering comprised US$4 billion aggregate principal amount of 11.5% First Priority Senior Secured Notes due 2023 and US$1.95 billion aggregate principal amount of 5.75% Convertible Senior Notes due 2023, including a fully exercised option to purchase an additional $62.5 million aggregate principal amount of the Convertible Notes. Carnival Corporation expects to use the net proceeds from the notes offerings for general corporate purposes.
Director Victor Richards and Associate Alexis Haynes of Conyers’ Bermuda office advised on the matter, working alongside Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright LLP.