Carnival Cruises 2014 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2014 Carnival Cruises annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

At January 22, 2015, our committed ship financings are as follows:
Cruise Brands and Ships
Fiscal Year
Scheduled for
Funding Amount
(in millions)
North America
Carnival Cruise Line
Carnival Vista ....................................................... 2016 $ 483
Holland America Line
Koningsdam ......................................................... 2016 379
Seabourn
Newbuild (a) ........................................................ 2016 204
North America Cruise Brands ......................................... 1,066
EAA
AIDA
AIDAprima (a) ....................................................... 2015 393
Newbuild (a) ........................................................ 2016 393
P&O Cruises (UK)
Britannia (a) ........................................................ 2015 480
EAA Cruise Brands ................................................. 1,266
$2,332
(a) Commitments are euro-denominated.
Revolving Credit Facilities
In June 2014, Carnival Corporation, Carnival plc and certain of Carnival plc’s subsidiaries amended and replaced
their existing five-year multi-currency revolving credit facility of $2.5 billion (comprised of $1.6 billion,
€450 million and £150 million) with a new five-year multi-currency revolving credit facility (the “Facility”). This
Facility of $2.6 billion (comprised of $1.7 billion, €500 million and £150 million) at November 30, 2014 expires in
June 2019, and we have options to extend this Facility through June 2021 subject to the approval of each bank. The
Facility currently bears interest at LIBOR/EURIBOR plus a margin of 40 basis points (“bps”). The margin varies
based on changes to Carnival Corporation’s and Carnival plc’s long-term senior unsecured credit ratings. We are
required to pay a commitment fee of 35% of the margin per annum on any undrawn portion. We will also incur an
additional utilization fee of 10 bps, 20 bps or 40 bps if equal to or less than one-third, more than one-third or more
than two-thirds of the Facility, respectively, is drawn on the total amount outstanding.
At November 30, 2014, we have two other undrawn revolving credit facilities for $300 million and $75 million
that expire in 2020 and 2015, respectively, and provide us with additional liquidity. At November 30, 2014, $2.9
billion was available under all of our revolving credit facilities.
NOTE 6 – Commitments
Ship Commitments
At November 30, 2014, as adjusted for our new ship orders through January 22, 2015, we had ten ships under
contract for construction with an aggregate passenger capacity of more than 28,200 lower berths. The estimated
total cost of these ships is $6.2 billion, which includes the contract prices with the shipyards, design and
engineering fees, capitalized interest, construction oversight costs and various owner supplied items. We have
paid $0.5 billion through November 30, 2014 and anticipate paying $1.6 billion, $1.9 billion, $0.8 billion and
$1.4 billion of the remaining estimated total costs in 2015, 2016, 2017 and 2018, respectively.
20