Carnival Corporation & plc, the world’s largest cruise shipping group, said it had provided a notice to lenders in its multi currency revolving credit facility that it would borrow approximately $3 billion under the agreement for a period of six months. “As of this borrowing, Carnival Corporation will have fully drawn down the Facility Agreement,” the company said in a statement
The group had in August 2019 become a became party to an amended and restated five-year - with two one-year extension options- $1.7 billion, €1.0 billion and £150 million multi-currency revolving credit agreement with a syndicate of financial institutions.
“The Corporation borrowed under the Facility Agreement in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak. The proceeds from the Facility Agreement borrowings will be available to be used for working capital, general corporate or other purposes<’ the company said.