Carnival Corp: $2.1B Revolving Credit Facility
Carnival Corporation & plc announced that it has “successfully arranged a new forward starting $2.1 billion multi-currency revolving credit facility.”
A spokesperson said, “The New Revolver will replace Carnival Corporation’s existing multi-currency revolving credit facility [the "Existing Revolver"] upon its maturity in August 2024. The New Revolver was issued by the Carnival Corporation’s subsidiary Carnival Holdings [Bermuda] II Limited [the "Borrower"] and has an initial term of one year, commencing August 2024, with two, mutual one-year extension options. The new facility also contains an accordion feature, allowing for additional commitments up to an aggregate of $2.9 billion, which is the amount of the Existing Revolver.”
“Our new facility enables us to retain the full benefit of our $2.9 billion revolver until August 2024, while building on our base $2.1 billion commitment over the next 18 months. The successful transaction is a direct reflection of our strong bank relationships and confidence in our continuing return to strong profitability, which we plan to utilize as a springboard to deleveraging and returning to investment grade,” said David Bernstein, Chief Financial Officer.
The spokesperson said, “The New Revolver will be unsecured and guaranteed on an unsecured basis by Carnival Corporation, Carnival plc and the same subsidiaries of the Company that guarantee the Existing Revolver. In connection with entering into the New Revolver, the Company and its subsidiaries will contribute three unencumbered vessels to the Borrower, with each of these vessels continuing to be operated under one of the Company’s brands.
“The New Revolver was co-coordinated by Bank of America, BNP Paribas and JP Morgan. PJT Partners served as independent financial advisor to Carnival Corporation & plc.”
