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Carnival Corporation & plc Announces Pricing of $1.86 billion and €800 million First-Priority Senior Secured Term Loan Facility

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) (the "Company") announced the pricing of Carnival Corporation's first-priority senior secured term loan facility, consisting of a $1,860 million tranche and a €800 million tranche, with a maturity of five years. The U.S. dollar tranche will be issued at a price equal to 96% of its face value and will bear interest at a rate per annum equal to adjusted LIBOR (with a 1% floor) plus 7.500%. The euro tranche will be issued at a price equal to 96% of its face value and will bear interest at a rate per annum equal to EURIBOR (with a 0% floor) plus 7.500%. Both tranches of the term loan facility will be prepayable, in whole or in part, at the Company's option at a price equal to the face value plus a customary make-whole amount for the first year after closing, 102% of the face value for the second year after closing and par thereafter. The obligations under the term loan facility will be guaranteed by Carnival plc and the same subsidiaries that currently guarantee, and will be secured on a first-priority basis by the same collateral that currently secures, Carnival Corporation's 11.500% first-priority senior secured notes due 2023.

The term loan facility is expected to close on June 30, subject to customary closing conditions and the execution of definitive documentation.  Carnival Corporation intends to use the net proceeds from the term loan facility for general corporate purposes, which includes the repayment of near-term debt maturities. 

Jun 29 2020


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