Carnival Corporation & plc Announces Closing of $2.3 Billion Term Loan Facility for Refinancing, Saving Interest and Extending Maturities

Carnival Corporation & plc announced that Carnival Corporation (the "Company") closed its previously announced incremental first-priority senior secured term loan facility in an aggregate principal amount of $2.3 billion. The proceeds from the new incremental term facility are being used to redeem all of the outstanding 11.500% First-Priority Senior Secured Notes due 2023 of the Company (the "Redeemed Notes") and to pay accrued interest on such Redeemed Notes and related fees and expenses.

The refinancing transaction will generate annual interest savings of over $135 million and extend maturities. Loans under the new incremental term facility will bear interest at a rate per annum equal to adjusted LIBOR with a 0.75% floor, plus a margin equal to 3.25%, and will mature in 2028. The terms of the new incremental term facility are otherwise generally consistent with the terms of the Company's existing term loan facility.

JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the incremental term facility.

PJT Partners serves as independent financial advisor to Carnival Corporation & plc.

Oct 19 2021