Carnival Cruises 2009 Annual Report Download - page 17

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NOTE 5 – Debt
Long-term debt and short-term borrowings consisted of the following (in millions):
November 30,
2009 (a) 2008 (a)
SECURED LONG-TERM DEBT
Fixed rate export credit facilities, collateralized by two ships, bearing interest at 5.4% and
5.5%, due through 2016 (b) ................................................... $ 375 $ 376
Floating rate export credit facilities, collateralized by four ships, bearing interest at LIBOR
plus 1.1% to 1.3% (1.7% to 2.6%), due through 2015 (b) ........................... 325 441
Other ...................................................................... 3 2
Total Secured Long-term Debt ............................................ 703 819
UNSECURED LONG-TERM DEBT
Export Credit Facilities
Fixed rate export credit facilities, bearing interest at 4.2% to 5.0%, due through 2020 (c) .... 2,603 2,867
Euro fixed rate export credit facility, bearing interest at 4.5%, due through 2024 (c) ........ 299
Floating rate export credit facility, bearing interest at LIBOR plus 1.6% (2.8%), due through
2017 (d) .................................................................. 83
Euro floating rate export credit facilities, bearing interest at EURIBOR plus 0.2% to 1.6%
(1.2% to 3.1%), due through 2021 (e) ........................................... 1,111 261
Bank Loans
Fixed rate bank loans, bearing interest at 3.5% to 4.5%, due through 2015 (c)(f)(h) ......... 850 500
Euro fixed rate bank loans, bearing interest at 3.9% to 4.7%, due through 2021 (c)(g) ....... 524 82
Floating rate bank loans, bearing interest at LIBOR plus 2.5% (2.7% and 2.8%), due in
2012 (h) .................................................................. 200
Euro floating rate bank loans, bearing interest at EURIBOR plus 0.55% (1.6%), due in
2014 (c)(g) ................................................................ 152 607
Revolver (h)(i)
Loans, bearing interest at LIBOR plus 0.2% (0.4%) ................................. 212 583
Euro loans, bearing interest at EURIBOR plus 0.2% (0.6%) ........................... 52 208
Private Placement Notes
Fixed rate notes, bearing interest at 4.9% to 6.0%, due through 2016 .................... 224 229
Euro fixed rate notes, bearing interest at 6.7% to 7.3%, due through 2018 (c) ............. 278 236
Publicly-Traded Notes
Fixed rate notes, bearing interest at 6.7% to 7.2%, due through 2028 .................... 530 530
Euro fixed rate notes, bearing interest at 4.3%, due in 2013 ............................ 1,119 949
Sterling fixed rate notes, bearing interest at 5.6%, due in 2012 ......................... 339 320
Publicly-Traded Convertible Notes
Notes, bearing interest at 2%, due in 2021, with next put option in 2011 ................. 595 595
Notes, bearing interest at 1.75%, net of discount .................................... 9 271
Other ...................................................................... 29 30
Total Unsecured Long-term Debt .......................................... 9,209 8,268
UNSECURED SHORT-TERM BORROWINGS
Bank loans, with aggregate weighted-average interest rate of 0.3%, repaid in
December 2009 ............................................................ 96 12
Euro bank loans, with aggregate weighted-average interest rate of 0.6%, repaid in
December 2009 ............................................................ 39 244
Total Unsecured Short-term Borrowings .................................... 135 256
Total Unsecured Debt .................................................... 9,344 8,524
Total Debt .............................................................. 10,047 9,343
Less short-term borrowings ..................................................... (135) (256)
Less current portion of long-term debt ............................................ (815) (1,081)
Less convertible debt subject to current put option ................................... (271)
Total Long-term Debt .................................................... $ 9,097 $ 7,735
(See next page for footnotes.)
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