Carnival shores up rescue loan at last
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 ...