Carnival Corporation & Plc Announces Closing Of $2.3 Billion Term Loan Facility For Refinancing, Saving Interest And Extending Maturities

Carnival Corporation & plc (NYSE/LSE: CCL;NYSE: CUK) today announced that Carnival Corporation (the "Company") closed its previously announced incremental first-priority senior secured term loan facility in an aggregate principal amount of $2.3 billion. The proceeds from the new incremental term facility are being used to redeem all of the outstanding 11.500% First-Priority Senior Secured Notes due 2023 of the Company (the "Redeemed Notes") and to pay accrued interest on such Redeemed Notes and related fees and expenses. The refinancing transaction will generate annual interest savings of over $135 million and extend maturities. Loans under the new incremental term facility will bear interest at a rate per annum equal to adjusted LIBOR with a 0.75% floor, plus a margin equal to 3.25%, and will mature in 2028