Cruise liner Carnival Corp issued a USD and EUR loan worth $1.8bn and €794mn ($968mn) maturing in 2025 to refinance debt taken last year. FT notes that the borrowing cost on the loans was slashed in half – the USD loan at LIBOR+300bp vs. their loan last year at LIBOR+750bp; the EUR loan at a spread of 375bp over its benchmark as compared to a 750bp spread last year. Carnival, which issued debt worth ~$10.1bn last year saw its annual interest expenses rise six-fold from $200mn to $1.2bn in the last 12 months. They are expected to commence three US-based cruise lines by July as the economy reopens.

Carnival’s bonds were broadly higher – its 7.2% 2023s were up 0.4 to 107.4, yielding 3.8% and its 10.5% 2026s up 0.3 to 117.7, yielding 4.2%

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