Carnival gets $1.7 billion, €1 billion, £150 million restated loan

By Marisa Wong

Los Angeles, Aug. 9 – Carnival Corp., Carnival plc and some of their subsidiaries entered into an amended and restated $1.7 billion, €1 billion and £150 million five-year multi-currency revolving credit agreement on Aug. 6, according to an 8-K filed Friday with the Securities and Exchange Commission.

Bank of America Merrill Lynch International DAC, Bank of China Ltd., London Branch, Barclays Bank plc, BNP Paribas, Citigroup Global Markets Ltd., Goldman Sachs Bank USA, Intesa Sanpaolo SpA, JPMorgan Chase Bank, NA, Lloyds Bank plc, Mizuho Bank, Ltd., National Westminster Bank plc and PNC Capital Markets, LLC are mandated lead arrangers, with Bank of America Merrill Lynch International as facilities agent.

The credit agreement amends and restates Carnival’s existing multicurrency revolving credit agreement dated May 18, 2011.

The restated facility expires on Aug. 6, 2024, subject to two one-year extension options.

Borrowings bear interest at Libor or Euribor plus a margin based on Carnival’s long-term credit ratings. Exact pricing was not disclosed.

The revolver also includes an emissions-linked margin adjustment; after the initial applicable margin is set according to the pricing grid, the margin may be adjusted based on performance in achieving specified agreed annual carbon emissions goals.

In addition, Carnival is required to pay a commitment fee on unused commitments. An additional utilization fee is payable depending on the outstanding amounts under the facility.

Carnival is a cruise operator based in Miami.

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