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

Carnival Corporation announced they successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility ("Term Loan Facility"), which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023 (the "2023 Notes"). The new Term Loan 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 refinancing transaction will generate annual interest savings of over $135 million and extend maturities.

The Company also issued a conditional notice of redemption for the entire outstanding principal amount of the Company's 2023 Notes.

The Term Loan Facility described above is expected to be implemented via Incremental Assumption Agreement and Amendment No. 4 to the existing term loan agreement dated June 30, 2020, which is expected to close on October 18, 2021, subject to customary closing conditions and the execution of definitive documentation.

JPMorgan Chase Bank, N.A. acted as sole global coordinator for the marketing of the Term Loan Facility.

PJT Partners is serving as independent financial advisor to the Company.

This press release does not constitute a notice of redemption with respect to the 2023 Notes.

Oct 08 2021


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