Carnival Cruises 2009 Annual Report Download - page 18

(a) All interest rates are as of November 30, 2009. The debt table does not include the impact of our foreign
currency and interest rate swaps. At November 30, 2009, 59%, 38% and 3% (62%, 30% and 8% at
November 30, 2008) of our debt was U.S. dollar, euro and sterling-denominated, respectively, including the
effect of foreign currency swaps. At November 30, 2009, 71% and 29% (74% and 26% at November 30,
2008) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate
swaps. Substantially all of our debt agreements contain one or more of the following financial covenants
that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’
equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and
secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then
pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative
contract payables (see Note 10) could become due, and all debt and derivative contracts could be
terminated. At November 30, 2009, we believe we were in compliance with all of our debt covenants.
(b) A portion of two export credit facilities have both fixed and floating interest rate components. In addition,
the collateral for $309 million of fixed rate export credit facilities was released in January 2010 and,
accordingly, this debt is no longer secured.
(c) Includes an aggregate $3.7 billion of debt whose interest rate will increase upon a reduction in the senior
unsecured credit ratings of Carnival Corporation or Carnival plc from BBB+/A3 to BBB/Baa2 and will
increase further upon additional credit rating reductions, exclusive of the amount shown in Note (h).
(d) In 2009, we borrowed $83 million under a floating rate export credit facility, which proceeds were used to
pay a portion of Seabourn Odyssey purchase price.
(e) In 2009, we borrowed $301 million and $486 million under two floating rate euro export credit facilities,
which proceeds were used to pay a portion of AIDAluna and Costa Pacifica purchase prices, respectively.
(f) Includes two facilities that aggregate to $650 million, which currently carry fixed interest rates. However,
each facility can be switched in the future to a floating interest rate at the option of the lenders.
(g) In 2009, we borrowed $597 million under two unsecured term loan facilities, of which $149 million is
floating and $448 million is fixed. These proceeds were used to pay for a portion of Carnival Dream’s
purchase price. At November 30, 2009, these facilities bear an aggregate weighted-average interest rate of
3.4%. The fixed rate facility is repayable in semi-annual installments through 2021 and the floating rate
facility is repayable in full in 2014.
(h) Includes an aggregate $664 million of debt whose interest rate, and in the case of the revolver its
commitment fees, will increase upon a reduction in the senior unsecured credit ratings of Carnival
Corporation or Carnival plc from A3 to Baa1 and will increase further upon additional credit rating
reductions.
(i) Carnival Corporation, Carnival plc and certain of Carnival plc’s subsidiaries are parties to our principal
revolver for $2.1 billion (comprised of $1.2 billion, €400 million and £200 million). Under this revolver we
can draw loans in U.S. dollars, euros and sterling.
At November 30, 2009, the scheduled annual maturities of our debt were as follows (in millions):
2010 2011 2012 2013 2014
There-
after
Short-term borrowings ......................... $135
Revolver .................................... 126 $ 138
Convertible notes .............................. $ 595 $ 9
Other long-term debt ........................... 689 588 1,379 1,681 $894 $3,813
Total ................................... $950 $1,183 $1,517 $1,690 $894 $3,813
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