Carnival Cruises 2015 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2015 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 88

  • 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
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

At November 30, 2015, our committed ship financings are as follows:
Cruise Brands and Ships
Fiscal Year
Available for
Funding Amount
(in millions)
North America
Carnival Cruise Line
Carnival Vista (a) ..................................................... 2016 $ 520
Newbuild (b) ......................................................... 2018 478
Holland America Line
Koningsdam (a) ....................................................... 2016 408
Newbuild (b) ......................................................... 2018 380
Princess
Majestic Princess (b) .................................................. 2017 478
Seabourn
Seabourn Encore (b) ................................................... 2016 190
Seabourn Ovation (b) .................................................. 2018 193
North America Cruise Brands .......................................... 2,647
EAA
AIDA
AIDAprima .......................................................... 2016 371
Newbuild ............................................................ 2017 360
Newbuild (b) ......................................................... 2018 768
Newbuild (b) ......................................................... 2020 785
Costa
Newbuild (b) ......................................................... 2019 776
Newbuild (b) ......................................................... 2020 785
EAA Cruise Brands .................................................. 3,845
$6,492
(a) Euro-denominated.
(b) We have the option to draw in either U.S. dollars or euros.
Revolving Credit Facilities
In April 2015, Carnival Corporation, Carnival plc, and certain of Carnival Corporation and Carnival plc’s
subsidiaries exercised their option to extend the termination date of their five-year multi-currency revolving
credit facility (the “Facility”) of $2.5 billion (comprised of $1.7 billion, €500 million and £150 million) from
June 2019 to June 2020, which was approved by each bank. We also have an option 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.
22