The amounts are $1.7bn, €1bn and £150m with a five-year term and two one-year extension options.
Borrowings bear interest at an annual rate of LIBOR or, in relation to any loan in euros, EURIBOR, plus a margin based on the long-term credit ratings of Carnival Corp.
Borrowings may be used for general corporate purposes and the unused credit is available to support commercial paper borrowings.
Carbon emissions-linked margin adjustment
The facility agreement also includes an emissions-linked margin adjustment. After the initial applicable margin is set, it may be adjusted based on Carnival achieving certain agreed annual carbon emissions goals.
The syndicate
The syndicate includes Bank of America Merrill Lynch International Designated Activity Co., Bank of China Ltd. London Branch, Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Ltd., Goldman Sachs Bank USA, Intesa Sanpaolo S.p.A., JPMorgan Chase Bank N.A., Lloyds Bank plc, Mizuho Bank Ltd., National Westminster Bank plc and PNC Capital Markets LLC as mandated lead arrangers and Bank of America Merrill Lynch International Designated Activity Co. as facilities agent.
The facility agreement amends and restates the previous multi-currency revolving credit agreement dated May 18, 2011, as amended and restated on June 16, 2014, and as further amended on May 18, 2016.
Carnival Corp. and Carnival plc have each guaranteed the obligations of respective subsidiaries and have also cross-guaranteed each other’s obligations.
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