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Carnival Corp. loan facility upsized to $2.3bn and priced

Carnival Corp. & plc completed the syndication of its $2.3bn first-priority senior secured term loan facility, which was upsized from $1.5bn.

The company intends to use the facility to redeem its 11.5% first priority senior secured notes due 2023.

The new facility will bear interest at an annual rate equal to adjusted LIBOR with a 0.75% floor, plus a margin equal to 3.25% and will mature in 2028. 

Annual interest savings of $135m

This refinancing will generate annual interest savings of over $135m and extend maturities.

Carnival Corp. also issued a conditional notice of redemption for the entire outstanding principal amount of its 2023 notes.

JPMorgan Chase Bank, NA acted as sole global coordinator for the marketing of the term loan facility. PJT Partners is serving as independent financial advisor to Carnival Corp.



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