Carnival Cruises 2010 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,
2010 (a) 2009 (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 ...................................................... $ 328 $ 375
Floating rate export credit facilities collateralized by three ships, bearing interest at LIBOR
plus 1.1% to 1.3% (1.7% to 2.6%), repaid or collateral released in 2010 ................ - 325
Other ....................................................................... 3 3
Total Secured Long-term Debt ............................................. 331 703
UNSECURED LONG-TERM DEBT
Export Credit Facilities
Fixed rate export credit facilities, bearing interest at 4.2% to 5.0%, due through 2020 (b) ..... 2,339 2,603
Euro fixed rate export credit facilities, bearing interest at 3.8% to 4.5%, due through
2025 (b)(c) ................................................................ 503 299
Floating rate export credit facilities, bearing interest at LIBOR plus 1.3% to 1.6% (1.9% to
2.0%), due through 2022 (d)(e) ................................................ 688 83
Euro floating rate export credit facilities, bearing interest at EURIBOR plus 0.2% to 0.5%
(1.1% to 1.6%), due through 2022 (f)(g) ......................................... 824 1,111
Bank Loans
Fixed rate bank loans, bearing interest at 3.5% to 4.5%, due through 2015 (b)(h)(i) ......... 851 850
Euro fixed rate bank loans, bearing interest at 3.9% to 4.7%, due through 2021 (b) .......... 406 524
Floating rate bank loans, bearing interest at LIBOR plus 1.9% (2.2%), due in 2013 (i)(j) ..... 150 200
Euro floating rate bank loans, bearing interest at EURIBOR plus 0.6% to 1.3% (1.6% to
2.3%), due in 2014 (b)(k) ..................................................... 262 152
Revolver (i)(l)
Loans, bearing interest at LIBOR plus 0.2% (0.6%) .................................. 5 212
Euro loans, bearing interest at EURIBOR plus 0.2% (0.6%) ............................ - 52
Private Placement Notes
Fixed rate notes, bearing interest at 5.9% to 6.0%, due through 2016 ..................... 123 224
Euro fixed rate notes, bearing interest at 6.7% to 7.3%, due through 2018 (b) .............. 246 278
Publicly-Traded Notes
Fixed rate notes, bearing interest at 6.7% to 7.2%, due through 2028 ..................... 529 530
Euro fixed rate notes, bearing interest at 4.3%, due in 2013 ............................ 991 1,119
Sterling fixed rate notes, bearing interest at 5.6%, due in 2012 .......................... 322 339
Publicly-Traded Convertible Notes
Notes, bearing interest at 2%, repaid in 2010 ........................................ - 595
Notes, bearing interest at 1.75%, net of discount, due in 2013 .......................... 6 9
Other ...................................................................... 48 29
Total Unsecured Long-term Debt ........................................... 8,293 9,209
UNSECURED SHORT-TERM BORROWINGS
Commercial paper, with aggregate weighted-average interest rate of 0.5%, repaid in December
2010 (l) ................................................................... 696 96
Euro bank loans, with aggregate weighted-average interest rate of 1.2%, repaid in December
2010 ..................................................................... 44 39
Total Unsecured Short-term Borrowings ..................................... 740 135
Total Unsecured Debt ..................................................... 9,033 9,344
Total Debt .............................................................. 9,364 10,047
Less short-term borrowings ..................................................... (740) (135)
Less current portion of long-term debt ............................................. (613) (815)
Total Long-term Debt .................................................... $8,011 $ 9,097
(See next page for footnotes.)
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