Carnival arranges amended multi-currency revolving credit agreement

Carnival Corp. & plc entered into an amended multi-currency revolving credit agreement with a syndicate of financial institutions.

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.

 

Posted 9 August 2019

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Anne Kalosh

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Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She is the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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