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Carnival increases term loan B amount to $2.31 billion
By Sara Rosenberg
New York, Oct. 6 – Carnival Corp. upsized its seven-year senior secured first-lien term loan B to $2.31 billion from $1.5 billion, according to a market source.
The term loan is still talked at Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 98.75 to 99.
The term loan has 101 hard call protection for one year.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on Thursday, accelerated from noon ET on Friday, the source added.
Proceeds will be used to redeem 11½% first priority senior secured notes due April 1, 2023 and to pay related accrued interest, fees and expenses.
Carnival is a Miami-based cruise operator.
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