Carnival sets Tuesday lender call for $1.9 billion and €794 million term loan repricings

By Paul A. Harris

Portland, Ore., May 17 – Carnival Corp. plans to launch a two-part repricing of its senior secured term loan B due June 30, 2025 (existing ratings Ba2/BB-) on a lender call set to begin at 11 a.m. ET on Tuesday, according to a market source.

The deal includes $1.9 billion of the debt talked at a 375 to 400 basis points spread to Libor atop a 0.75% Libor floor at 99.5. JPMorgan is the administrative agent and left lead bookrunner for the dollar-denominated tranche.

It also includes €794 million talked at Euribor plus 400 to 425 bps, with no Euribor floor, at 99.5. JPMorgan is the administrative agent and Barclays is the left lead bookrunner for the euro-denominated tranche.

Both tranches feature a 12-month hard call at 101.

The borrowing entity is Carnival Finance, LLC.

The deadline is 5 p.m. ET on May 26.

The borrower is a Miami-based cruise operator.

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