Carnival Corp had syndicated the repricing of its first-priority senior secured term loan facility.
This consists of a tranche in an original aggregate principal amount of $1,860 mill and a tranche in an original aggregate principal amount of €800 mill, each of which matures on 30th June, 2025.
Following the implementation of the repricing, all outstanding amounts under the term loan facility funded in US dollars will bear interest at a rate per annum equal to adjusted LIBOR with a 0.75% floor, plus a margin equal to 3% (which is 4.5% per annum less than the LIBOR margin under the term loan facility prior to the repricing).
All outstanding amounts under this facility funded in Euros will bear interest at a rate per annum equal to EURIBOR with a 0% floor, plus a margin equal to 3.75% (which is 3.75% per annum less than the EURIBOR margin under the facility prior to the repricing).
Carnival Corp’s joint current report on Form 8-K was filed with the US Securities and Exchange Commission on 27th May, 2021.
JPMorgan Chase Bank, and Barclays Bank acted as joint global co-ordinators for the repricing. It was due to be implemented via Amendment No 2 to the facility, which is expected to close on 30th June, 2021, subject to customary closing conditions and the execution of definitive documentation.
PJT Partners is serving as independent financial advisor to Carnival Corp.
