Carnival shores up rescue loan at last

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By Mariam Meskin
26 Jun 2020

Carnival Corporation, the world's largest cruise line, finally secured a dual currency leveraged loan on Friday, following its bond sale in April. The deal is expected to provide a financial lifeline for the company, which has been hard hit by the economic effects of the coronavirus pandemic.

The dual-currency loan consists of $1.86bn and €800m tranches. 

Margins were set at 750bp over Libor with a 1% Libor floor and a price of 96, and 750bp over Euribor with a 0% Euribor floor also ata price of 96. 

JP Morgan was the sole physical bookrunner. 

The loan was initially ...

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