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Conyers advises on Carnival’s $6bn offering

The local office of international law firm Conyers has provided Bermuda law advice to Carnival Corporation in connection with its private offering of $6 billion in two tranches of notes.

The firm said the financing transaction involved numerous jurisdictions including Bermuda, United States, United Kingdom, Curaçao, Italy, Panama, Cayman Islands and The Bahamas.

It closed on April 8, having been completed in a tight timeframe and with most involved working remotely due to the Covid-19 pandemic, the firm said.

Conyers' director Victor Richards and associate Alexis Haynes advised on the matter, working alongside law firms Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright LLP.

Mr Richards said: “Congratulations to all of the parties involved for the successful completion of this significant transaction, in particular with most, if not everyone, involved working from home.”

He added: “Special mention goes to the Bermuda Shipping & Maritime Authority, which was very responsive, flexible and accommodating, despite Bermuda being subject to 24 hour ‘shelter in place' restrictions.”

Conyers said the BSMA remains operational and available to assist clients with vessel registration and mortgage registration matters during the lock-down.

Francis Richardson, chief executive officer of the BSMA, said: “The Bermuda Shipping & Maritime Authority and Conyers have a long-standing good working relationship focused on providing excellent and efficient service, which is particularly important at this time when ship owners and ship managers need us the most.

“We are happy to be of assistance to Carnival and can assure all our stakeholders that we will do everything we can to ensure their needs are met and our service remains at the high standard to which they have become accustomed.”

Conyers said the offering comprised $4 billion aggregate principal amount of 11.5 per cent first priority senior secured notes due 2023 and $1.95 billion aggregate principal amount of 5.75 per cent 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 expects to use the net proceeds from the notes offerings for general corporate purposes, Conyers said.

Victor Richards, Conyers director

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Published April 20, 2020 at 12:36 pm (Updated January 25, 2021 at 4:58 pm)

Conyers advises on Carnival’s $6bn offering

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