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Carnival extends revolving facilities by one year, adds three lenders
By Marisa Wong
Morgantown, W.Va., May 20 – Carnival Corp. extended the termination date for all of the facilities under its $1.7 billion, €500 million and £150 million multi-currency revolving credit agreement to June 16, 2021 from June 16, 2020, according to an 8-K filing with the Securities and Exchange Commission.
One lender has commitments in tranches A, B and C, including swingline loans, equivalent to roughly $100 million that will terminate automatically on June 16, 2020.
In addition, the company entered into an amendment to increase the total commitments under the facility agreement and add three new lenders: KfW IPEX-Bank GmbH, Bayerische Landesbank, New York Branch and DZ Bank AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, New York Branch.
Each new lender now holds commitments under tranche A and tranche B. As a result of the amendment, the tranche A commitments were increased by $152,628,181, and the tranche B commitments were increased by £18,952,247, for a combined increase to the total commitments of about $180 million.
The termination date of each new lender’s commitments is June 16, 2021.
The company entered into the amended and restated agreement on June 16, 2014 with Bank of America Merrill Lynch International Ltd., Barclays Bank plc, BNP Paribas, Citigroup Global Markets Ltd., Goldman Sachs Bank USA, Intesa Sanpaolo SpA, J.P. Morgan Ltd., Lloyds Bank plc, Mizuho Bank, Ltd and Royal Bank of Scotland plc as lead arrangers and Bank of America Merrill Lynch as facilities agent.
The company completed the amendment and extended the termination date on May 18.
Carnival Corp. is a Miami-based unit of London-based cruise operator Carnival plc.
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