Carnival Corporation Announces Closing of $2.3 Billion Term Loan Facility

Carnival Corp. Logo

Carnival Corporation today announced that it has 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 and to pay accrued interest on such Redeemed Notes and related fees and expenses, according to a press release.

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, said the press release.

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

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