Carnival Corp has announced the arrangement of a new $4.5 bill multi-currency revolving credit facility.
The new revolver matures in June, 2030 and will replace the existing multi-currency revolving credit facility of Carnival Holdings (Bermuda) II Limited, a subsidiary of Carnival Corp.
The new revolver also contains an accordion feature, allowing for up to $1 bill of additional revolving commitments.
“This 50% increase in our revolver meaningfully enhances our liquidity, providing opportunities to continue accelerating our debt reduction efforts,” said CFO David Bernstein (pictured).
“Securing this significant upsize and extension to our revolver, on more favourable terms, also reflects confidence in our continued performance and achieves another milestone toward rebuilding our financial fortress.”
He also said that the new revolver is a testament to the company’s continued business improvement and strong banking relationships.
It will be unsecured and initially guaranteed on an unsecured basis by the same subsidiaries of the company that guarantee the senior secured term loan facilities.
Carnival Corp and Carnival plc, each as a borrower, are entering into the deal with a global syndicate of financial institutions and JPMorgan Chase Bank, as administrative agent.
