Carnival Corporation Announces Closing of $ 2.3 Billion Term Loan Facility

Carnival Corporation announced today that it has closed its previously announced additional senior secured term loan facility for a total principal amount of $ 2.3 billion.

The proceeds of the additional new term facility are used to redeem all of the Company’s outstanding 11.500% senior secured notes due 2023 and to pay accrued interest on such redeemed notes and related fees and expenses, based on a Press release. .

The refinancing operation will generate annual interest savings of over $ 135 million and extend maturities.

Borrowings under the new additional term facility will bear interest at an annual rate equal to adjusted LIBOR with a floor of 0.75%, plus a margin equal to 3.25%, and will mature in 2028. The Terms of the additional new term facility are otherwise generally consistent with the terms of the company’s existing term loan facility, the press release said.

JPMorgan Chase Bank, NA acted as the sole global coordinator for the marketing of the additional term facility while PJT Partners serves as independent financial advisor to Carnival.

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