Carnival Cruises 2008 Annual Report Download - page 71

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F-12
billion were pledged as collateral pursuant to mortgages related to $817 million of debt and
a $423 million contingent obligation (see Notes 5 and 6).
Repairs and maintenance expenses, including minor improvement costs and dry-dock
expenses, were $676 million, $597 million and $555 million in fiscal 2008, 2007 and 2006,
respectively.
NOTE 5 – Debt
Long–term debt and short-term borrowings consisted of the following (in millions):
November 30,
2008(a) 2007(a)
SECURED LONG-TERM DEBT
Floating rate export credit facilities, collateralized by four
ships, bearing interest from LIBOR plus 1.1% to LIBOR plus
1.3% (3.7% to 4.5%), due through 2015(b) $ 441 $ 556
Fixed rate export credit facilities, collateralized by two ships,
bearing interest at 5.4% and 5.5%, due through 2016(b) 376 378
Other 2 18
Total Secured Long-term Debt 819 952
UNSECURED LONG-TERM DEBT
Export Credit Facilities
Fixed rate export credit facilities, bearing interest at 4.2%
to 5.0%, due through 2020(c)(d) 2,867 1,724
Euro floating rate export credit facility, bearing interest at
EURIBOR plus 0.2% or 5.4%, due through 2019 261 333
Bank Loans
Fixed rate bank loan, bearing interest at 4.4%, due in 2015(d)(e) 500
Euro floating rate bank loans, bearing interest at EURIBOR plus
0.2% to 0.3% (3.8% to 4.2%), due through 2010(g) 607 546
Euro fixed rate bank loan, bearing interest at 4.7%, due through 2012 82 122
Revolving Credit Facility (f)(g)
Loans, bearing interest at LIBOR plus 0.175% or 1.6% 583 240
Euro loans, bearing interest at EURIBOR plus 0.175% or 1.6% 208 779
Private Placement Notes
Fixed rate notes, bearing interest at 4.9% to 6.0%, due through 2016 229 338
Euro fixed rate notes, bearing interest at 6.7% to 7.3%, due through
2018(d) 236
Publicly-Traded Notes
Fixed rate notes, bearing interest at 6.7% to 7.2%, due through 2028 530 731
Euro fixed rate notes, bearing interest at 4.3%, due through 2013 949 1,108
Sterling fixed rate notes, bearing interest at 5.6%, due in 2012 320 437
Publicly-Traded Convertible Notes
Notes, bearing interest at 2%, due in 2021, with next put option in
2011 595 595
Notes, bearing interest at 4.6%, net of discount, with a 2008 face value
of $422 million, due in 2033, with next put option in 2009 271 575
Zero-coupon notes, net of discount 226
Other 30 31
Total Unsecured Long-term Debt 8,268 7,785
UNSECURED SHORT-TERM BORROWINGS
Euro bank loans, with weighted-average interest rates of 4.3%, due
through January 2009 244 100
Bank loans, with weighted-average interest rates of 5.3%, repaid
in December 2008 12 15
Total Unsecured Short-term Borrowings 256 115
Total Unsecured Debt 8,524 7,900
Total Debt 9,343 8,852
Less short-term borrowings (256) (115)
Less current portion of long-term debt (1,081) (1,028)
Less convertible debt subject to current put options (271) (1,396)
Total Long-term Debt $7,735 $6,313