Borrowings under the facility bear interest at an annual rate of LIBOR or, in relation to any loan in euros, EURIBOR, plus a margin based on Carnival Corp.'s long-term credit ratings. The margin is currently 0.4%.
The new agreement replaced a $1.6bn, €450m and £150m multi-currency revolving credit agreement of May 18, 2011, which had a five-year term.
Borrowings under the former agreement bore interest at LIBOR or EURIBOR plus a margin, subject to change based on Carnival's Corp.'s long-term credit ratings. At the time of amendment and restatement, the margin was 0.7%.
The new facility is with a syndicate including Bank of America Merrill Lynch International (administrative agent), Barclays Bank PLC, BNP Paribas, Citigroup Global Markets, Goldman Sachs Bank USA, Intesa Sanpaolo S.p.A., J.P. Morgan Limited, Lloyds Bank plc, Mizuho Bank, and The Royal Bank of Scotland plc as mandated lead arrangers.
