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Debt (Tables)
 9 Months Ended
Aug. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
August 31, November 30,
(in millions)MaturityRate (a) (b)20222021
Secured Debt
Notes
NotesFeb 202610.5%$775 $775 
EUR NotesFeb 202610.1%425 481 
NotesJun 20277.9%192 192 
NotesAug 20279.9%900 900 
NotesAug 20284.0%2,406 2,406 
Loans
EUR fixed rateNov 2022
5.5% - 6.2%
67 98 
EUR floating rateNov 2022 - Jun 2025
EURIBOR + 2.7% - 3.8%
829 951 
Floating rateJun 2025 - Oct 2028
LIBOR + 3.0% - 3.3%
4,111 4,137 
Total Secured Debt9,704 9,939 
Unsecured Debt
Revolver
Facility(c)
LIBOR + 0.7%
2,675 2,790 
Notes
EUR NotesNov 20221.9%550 622 
Convertible NotesApr 20235.8%183 522 
NotesOct 20237.2%125 125 
Convertible NotesOct 20245.8%339 — 
NotesMar 20267.6%1,450 1,450 
EUR NotesMar 20267.6%500 566 
NotesMar 20275.8%3,500 3,500 
NotesJan 20286.7%200 200 
NotesMay 20296.0%2,000 2,000 
EUR NotesOct 20291.0%600 679 
NotesJun 203010.5%1,000 — 
Loans
Floating rateFeb 2023 - Sep 2024
LIBOR + 3.8% - 4.5%
590 590 
GBP floating rateFeb 2025
SONIA + 0.9% (d)
410 467 
EUR floating rateDec 2021 - Mar 2026
EURIBOR + 1.8% - 4.8%
800 1,375 
Export Credit Facilities
Floating rateFeb 2022 - Dec 2031
LIBOR + 0.5% - 1.5%
1,312 1,363 
Fixed rateAug 2027 - Dec 2032
2.4% - 3.4%
3,240 3,488 
EUR floating rateFeb 2022 - Dec 2033
EURIBOR + 0.2% - 1.6%
3,102 2,742 
EUR fixed rateFeb 2031 - Jan 2034
1.1% - 1.6%
2,529 1,551 
Total Unsecured Debt25,104 24,031 
Total Debt34,808 33,970 
Less: unamortized debt issuance costs and discounts(737)(744)
Total Debt, net of unamortized debt issuance costs and discounts34,071 33,226 
Less: short-term borrowings(2,675)(2,790)
Less: current portion of long-term debt(2,877)(1,927)
Long-Term Debt$28,518 $28,509 

(a)Substantially all of our variable debt has a 0.0% to 0.75% floor.
(b)The above debt table does not include the impact of our interest rate swaps and as of November 30, 2021, it also excludes the impact of our foreign currency swaps. As of August 31, 2022, we had no foreign currency swaps. The interest rates on some of our debt, including our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.
(c)Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of August 31, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion.
(d)As of August 31, 2022 the interest rate for the GBP unsecured loan was linked to SONIA and subject to a credit adjustment spread ranging from 0.03% to 0.28%. As of November 30, 2021, this loan was referenced to GBP LIBOR.
The net carrying value of the liability component of the Convertible Notes was as follows:
(in millions)August 31, 2022November 30, 2021
Principal$522 $522 
Less: Unamortized debt discount(22)(45)
$501 $478 
Schedule of Annual Maturities of Debt
As of August 31, 2022, the scheduled maturities of our debt are as follows:
(in millions)
YearPrincipal Payments
4Q 2022$991 
20232,377 
2024 (a)4,935 
20254,258 
20264,385 
Thereafter17,862 
Total$34,808 
(a)Includes borrowings of $2.7 billion under our Revolving Facility. Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of August 31, 2022.