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Carnival Announces Upsizing and Pricing of Term Loan Facility

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Carnival Corporation today announced that Carnival Corporation successfully completed the syndication of its $2.3 billion first-priority senior secured term loan facility, which the Company intends to use to redeem its 11.5% First Priority Senior Secured Notes due 2023, according to a press release.

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.

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