Carnival Corporation & plc, the world’s largest cruise shipping group, said it had increased a term loan facility to $2.3 billion from an original figure of $1.5 billion.

The facility will bear interest at a rate per annum equal to adjusted LIBOR with a 0.75% floor, plus a margin equal to 3.25% and will mature in 2028.  “The refinancing transaction will generate annual interest savings of over $135 million and extend maturities,” the company said in a statement.

The funds would be used to redeem part of a 11.25% term loan facility due in 2023.