Carnival Cruises 2006 Annual Report Download - page 21

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Carnival฀Corporation฀&฀plc฀|฀page฀17
Long-Term฀Debt
Long–term฀debt฀consisted฀of฀the฀following฀(in฀millions):
November฀30,
2006(a) 2005(a)
Secured
Floating฀rate฀notes,฀collateralized฀by฀four฀ships,฀bearing฀interest฀from฀libor฀plus฀1.13%฀to฀libor
฀ plus฀1.29%฀(6.5%฀to฀6.8%฀at฀2006฀and฀4.9%฀to฀5.7%฀at฀2005),฀due฀through฀2015(b)฀฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ $฀672 $฀ 788
Fixed฀rate฀notes,฀collateralized฀by฀two฀ships,฀bearing฀interest฀at฀5.4%฀and฀5.5%,฀due฀through฀2016(b)฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 379 380
Euro฀floating฀rate฀note,฀collateralized฀by฀one฀ship,฀bearing฀interest฀at฀euribor฀plus฀0.5%฀(4.0%฀at฀2006
฀ and฀2.75%฀at฀2005),฀due฀through฀2008฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 43 64
Euro฀fixed฀rate฀note,฀collateralized฀by฀one฀ship,฀bearing฀interest฀at฀4.74%,฀due฀through฀2012฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 134 142
Other฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 12
฀ Total฀Secured฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 1,229 1,376
Unsecured
Fixed฀rate฀notes,฀bearing฀interest฀at฀3.75%฀to฀7.2%,฀due฀through฀2028(c)฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 2,542 2,239
Euro฀fixed฀rate฀notes,฀bearing฀interest฀at฀4.4%฀in฀2006฀and฀5.57%฀in฀2005,฀due฀in฀2013(d)(e)฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 985 355
Euro฀floating฀rate฀notes,฀bearing฀interest฀at฀euribor฀plus฀0.25%฀to฀euribor฀plus฀0.47%฀(3.83%฀at฀2006฀and
฀ 2.4%฀to฀2.6%฀at฀2005),฀due฀through฀2010(e)฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 486 933
Sterling฀fixed฀rate฀notes,฀bearing฀interest฀at฀5.63%,฀due฀in฀2012฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 415 372
Sterling฀floating฀rate฀note,฀bearing฀interest฀at฀GBP฀libor฀plus฀0.33%฀(5.52%฀at฀2006฀and฀4.91%฀at฀2005),฀due฀in฀2010฀.฀.฀.฀.฀.฀ 322 285
Other฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 34 34
Convertible฀notes,฀bearing฀interest฀at฀2%,฀due฀in฀2021,฀with฀next฀put฀option฀in฀2008฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 599 600
Convertible฀notes,฀bearing฀interest฀at฀1.75%,฀net฀of฀discount,฀with฀a฀face฀value฀of฀$889฀million,฀due฀in
฀ 2033,฀with฀first฀put฀option฀in฀2008฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 575 575
Zero-coupon฀convertible฀notes,฀net฀of฀discount,฀with฀a฀face฀value฀of฀$386฀million฀at฀2006
฀ and฀$510฀million฀at฀2005,฀due฀in฀2021,฀with฀next฀put฀option฀in฀2008฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 222 283
฀ Total฀Unsecured ฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ 6,180 5,676
7,409 7,052
Less฀portion฀due฀within฀one฀year฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀ (1,054) (1,325)
$฀6,355 $฀5,727
(a)฀฀All฀interest฀rates฀are฀as฀of฀year฀ends.฀At฀November฀30,฀2006฀and฀2005,฀56%,฀30%฀and฀14%฀of฀our฀long-term฀debt฀was฀U.S.฀dollar,฀euro฀and฀sterling-denominated,฀
respectively,฀including฀the฀effect฀of฀foreign฀currency฀swaps.
(b)฀A฀portion฀of฀two฀Princess฀ships฀has฀been฀financed฀with฀borrowings฀having฀both฀fixed฀and฀variable฀interest฀rate฀components.
(c)฀฀In฀May฀2006,฀we฀borrowed฀$352฀million฀under฀an฀unsecured฀term฀loan฀facility฀to฀pay฀a฀portion฀of฀the฀Crown฀Princess฀purchase฀price.฀This฀facility฀bears฀interest฀at฀
4.51%฀and฀is฀repayable฀in฀semi-annual฀installments฀through฀May฀2018.
(d)฀฀In฀November฀2006,฀we฀issued฀€750฀million฀of฀bonds฀($985฀million฀U.S.฀dollars฀at฀the฀November฀30,฀2006฀exchange฀rate),฀which฀have฀an฀effective฀interest฀rate฀of฀
4.4%฀and฀are฀due฀in฀2013.฀The฀net฀proceeds฀of฀the฀bonds฀were฀primarily฀used฀to฀repay฀outstanding฀euro฀commercial฀paper฀and฀the฀balance฀will฀be฀used฀to฀repay฀
other฀current฀obligations฀subsequent฀to฀November฀30,฀2006.
(e)฀During฀2006,฀we฀repaid฀$ 361฀million฀of฀Costa’s฀fixed฀rate฀euro฀notes฀and฀$527฀million฀of฀their฀floating฀rate฀euro฀notes.