Carnival Cruises 2015 Annual Report Download - page 22

2014. Our share of income from this investment was $5 million in 2015, $0.2 million in 2014 and $4 million in
2013 and is included in nonoperating other income (expense), net.
NOTE 6 – Unsecured Debt
Long-term debt and short-term borrowings consisted of the following (in millions):
November 30, 2015 November 30,
Interest Rates
Maturities
Through 2015 (a) 2014 (a)
Long-Term Debt
Export Credit Facilities
Fixed rate (b) .................................. 4.2% to 5.5% 2020 $ 1,032 $ 1,358
Euro fixed rate (b) .............................. 3.8% to 4.5% 2025 261 340
Floating rate (c) ................................ 1.5% 2026 688 1,031
Euro floating rate (b)(d) ......................... 0.1% to 0.9% 2027 1,864 1,909
Bank Loans
Euro fixed rate (b) .............................. 3.9% 2021 160 221
Floating rate (b) ................................ 0.8% to 1.3% 2019 800 800
Euro floating rate (b)(e) ......................... 0.7% 2018 212 249
Private Placement Notes
Fixed rate .................................... 6.0% 2016 42 116
Euro fixed rate (b) .............................. 7.0% to 7.3% 2018 130 153
Publicly-Traded Notes
Fixed rate .................................... 1.2% to 7.2% 2028 2,219 2,219
Euro fixed rate (f) .............................. 1.1% to 1.9% 2022 1,324 -
Other ....................................... 5.5% to 7.3% 2030 25 26
Short-Term Borrowings
Floating rate commercial paper (g) ................. -% 2016 - 653
Euro floating rate bank loans (g) .................. 1.2% 2016 30 13
Total Debt ............................... 8,787 9,088
Less short-term borrowings ...................... (30) (666)
Less current portion of long-term debt .............. (1,344) (1,059)
Total Long-term Debt ...................... $7,413 $ 7,363
(a) The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30,
2015, 50% and 50% (67% and 33% at November 30, 2014) of our debt was U.S. dollar and euro-
denominated, respectively, including the effect of foreign currency swaps. At November 30, 2015, 60% and
40% (52% and 48% at November 30, 2014) of our debt bore fixed and floating interest rates, respectively,
including the effect of interest rate swaps. Substantially all of our fixed rate debt can only be called or
prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our
main revolving credit facility, contain one or more 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 11)
could become due, and all debt and derivative contracts could be terminated. At November 30, 2015, we
were in compliance with all of our debt covenants.
(b) Includes $2.0 billion of debt whose interest rates, and in the case of our main revolver its commitment fees,
would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation
or Carnival plc.
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