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Unsecured Debt
3 Months Ended
Feb. 28, 2015
Debt Disclosure [Abstract]  
Unsecured Debt
Unsecured Debt

At February 28, 2015, our short-term borrowings consisted of commercial paper of $856 million and euro-denominated bank loans of $18 million with an aggregate weighted-average interest rate of 0.4%.

In February 2015, we entered into an export credit facility that will provide us with the ability to borrow up to an aggregate of $505 million. Proceeds from this facility will be used to pay for a portion of the purchase price of a Princess Cruises' ("Princess") ship, which is expected to be delivered in March 2017. If drawn, this borrowing will be due in semi-annual installments through March 2029.

In February 2015, we borrowed $472 million under a euro-denominated export credit facility, the proceeds of which were used to pay for a portion of the purchase price of P&O Cruises (UK)'s Britannia. The floating rate facility is due in semi-annual installments through February 2027.