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Carnival's new $2.3bn loan facility will save $135m in annual interest expense

Carnival Corp. & plc closed its previously announced upsized $2.3bn first-priority senior secured term loan facility.

The proceeds are being used to redeem all of the company's outstanding 11.5% first-priority senior secured notes due 2023.

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

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

JPMorgan Chase Bank, NA acted as sole global coordinator for the marketing of the facility.

PJT Partners served as independent financial advisor to Carnival Corp.

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