CARNIVAL PLC (CUK): debt financing — Carnival arranges new $2.1B forward starting revolver to replace existing facility in Aug 2024

CARNIVAL PLC

New $2.1B multi-currency revolving credit facility effective Aug 6, 2024, replacing existing $2.9B revolver upon maturity.
Initial term of one year with two mutual one-year extension options; accordion feature allows up to $2.9B total commitments.
Interest rate based on term SOFR (USD), EURIBOR (EUR), or SONIA (GBP) plus margin tied to Carnival's credit ratings and emissions-linked adjustment.
Three unencumbered vessels contributed to borrower; facility unsecured and guaranteed by Carnival Corp, Carnival plc, and certain subsidiaries.
Co-coordinated by Bank of America, BNP Paribas, and JP Morgan; PJT Partners served as independent financial advisor.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CARNIVAL PLC incurred revolving credit of $2.1 billion with J.P. Morgan SE as facilities agent at term SOFR ... plus a margin based on the long-term credit ratings of Carnival Co maturing August 6, 2025.

Instrument: revolving credit
Principal: $2.1 billion
Counterparty: J.P. Morgan SE as facilities agent
Rate: term SOFR ... plus a margin based on the long-term credit ratings of Carnival Co
Maturity: August 6, 2025
Event: incurrence

Exact text from the filing

On February 28, 2023, Carnival Holdings (Bermuda) II Limited (the “Borrower”), a subsidiary of Carnival Corporation, entered into a new forward starting $2.1 billion multi-currency revolving credit agreement (the “ New Facility ”) with a syndicate of financial institutions (the “ Lenders ”) and J.P. Morgan SE as facilities agent.

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Source: SEC EDGAR

accession 0000950142-23-000539

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