Carnival Cruises 2015 Annual Report Download - page 23

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(c) In 2015, we repaid $225 million outstanding under a floating rate export credit facility prior to its maturity
through 2025 (see (e) below).
(d) In 2015, we borrowed $472 million under a euro-denominated, floating rate export credit facility, the
proceeds of which were used to pay for a portion of P&O Cruises (UK)’s Britannia purchase price. This
debt is due in semi-annual installments through February 2027.
(e) In 2015, we borrowed $225 million under a euro-denominated, floating rate bank loan, which is due in
October 2018. We used the net proceeds of this loan to prepay an equivalent amount outstanding under a
floating rate export credit facility prior to its maturity.
(f) In 2015, we issued $753 million and $591 million of euro-denominated, publicly-traded notes, which bear
interest at 1.125% and 1.875% and are due in November 2019 and November 2022, respectively. We are
using the net proceeds for general corporate purposes.
(g) The interest rate associated with our floating rate short-term borrowings represents an aggregate weighted-
average interest rate.
At November 30, 2015, the scheduled annual maturities of our debt were as follows (in millions):
Fiscal
2016 2017 2018 2019 2020 Thereafter Total
Short-term borrowings .................. $ 30 $ - $ - $ - $ - $ - $ 30
Long-term debt ........................ 1,344 1,007 1,477 1,400 1,110 2,419 8,757
$1,374 $1,007 $1,477 $1,400 $1,110 $2,419 $8,787
Debt issuance costs are generally amortized to interest expense using the straight-line method, which
approximates the effective interest method, over the term of the debt. In addition, all debt issue discounts are
amortized to interest expense using the effective interest rate method over the term of the notes.
Committed Ship Financings
We have unsecured euro and U.S. dollar long-term export credit committed ship financings in order to pay for a
portion of our ships’ purchase prices. These commitments, if drawn, are repayable semi-annually over 12 years.
We have the option to cancel each one at specified dates prior to the underlying ship’s delivery date.
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