CCL Term Loan Facility Amendment
Carnival Corporation and Carnival plc Announce Amendment of Term Loan Facility
Miami (June 30, 2021) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announcement that a joint Current Report on Form 8-K was filed with the U.S. Securities and Exchange Commission (the “Commission”). As described in the joint Current Report on Form 8-K, on June 30, 2021 (the “Effective Date”), Carnival Corporation (the “Company”) entered into Amendment No. 2 to Term Loan Agreement, by and among the Company and Carnival Finance, LLC, as borrowers, Carnival plc, as a guarantor, certain other subsidiary guarantors party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the “Amendment”). The Amendment amended the Company’s first-priority senior secured term loan facility entered into on June 30, 2020 (the “Original Closing Date”) (the “Term Loan Facility”), which consists of a tranche in an original aggregate principal amount of $1,860 million and a tranche in an original aggregate principal amount of €800 million, each of which matures on June 30, 2025. The Amendment amended the Term Loan Facility to, among other things, reduce the interest rate to a rate per annum equal to (x) with respect to loans funded in U.S. dollars, adjusted LIBOR with a 0.75% floor, plus a margin equal to 3.00% (which is 4.50% per annum lower than the LIBOR margin under the Term Loan Facility prior to the Amendment), or (y) with respect to loans funded in Euro, EURIBOR with a 0.00% floor, plus a margin equal to 3.75% (which is 3.75% per annum lower than the EURIBOR margin under the Term Loan Facility prior to the Amendment).
PJT Partners is serving as independent financial advisor to Carnival Corporation and Carnival plc.
The description of the Amendment and the Term Loan Facility above is qualified in its entirety by reference to the text of the Amendment, which is attached as Exhibit 10.1 to the joint Current Report on Form 8-K and is incorporated by reference into this announcement.
A copy of the joint Current Report on Form 8-K is available in the Investor Relations section of the Carnival Corporation & plc website at wwww.carnivalcorp.com or www.carnivalplc.com, within SEC Filings under the Financial Information section.
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#33437669v1 – UK Announcement – Term Loan B Amendment
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