For repurchase of $885.6m of convertible notes
The company intends to use the proceeds to repurchase from these holders $885.6m principal amount of its convertible notes in privately negotiated transactions.
On a net basis, Carnival will not receive any proceeds from the transactions, which are not expected to have a material impact the company’s cash position. Following the notes repurchases, an aggregate of $1,126,911,000 principal amount of convertible notes will remain outstanding.
The offering is expected to close on Aug. 7, except with respect to 5.5m shares, expected to close Aug. 10.
The notes repurchases are expected to close promptly following the closing of the offering, except for $49.3m of the note repurchases, expected to close on Aug. 10.
Goldman Sachs placememt agent
Goldman Sachs is acting as the exclusive placement agent for the offering and PJT Partners is serving as independent financial advisor to Carnival.