Debt	9 Months Ended
Aug. 31, 2011
Debt	NOTE 2 – Debt At August 31, 2011, unsecured short-term borrowings consisted of $659 million of commercial paper and $253 million of euro-denominated bank loans with an aggregate weighted-average interest rate of 0.7%. In January 2011, the collateral for $313 million of fixed rate export credit facilities was released and, accordingly, this debt is no longer secured. In March 2011, we borrowed $407 million under an unsecured euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAsol’s purchase price. This facility bears interest at EURIBOR plus a margin of 20 basis points (“bps”) and is due in semi-annual installments through March 2023. In April 2011, we borrowed $583 million under an unsecured export credit facility, the proceeds of which were used to pay for a portion of Carnival Magic’s purchase price. This facility bears interest at LIBOR plus a margin of 160 bps and is due in semi-annual installments through April 2023. In May 2011, we cancelled one of our undrawn revolving credit facilities in the amount of $212 million. In May 2011, concurrently with the early termination of our existing multi-currency revolving credit facility for $2.0 billion (comprised of $1.2 billion, €400 million and £200 million), Carnival Corporation, Carnival plc and certain of Carnival plc’s subsidiaries entered into a five-year multi-currency revolving credit facility for $2.5 billion (comprised of $1.6 billion, €450 million and £150 million) (the “Facility”). The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 65 bps. The margin will vary based on changes to Carnival Corporation’s and Carnival plc’s long-term credit rating. We are required to pay a commitment fee of 35% of the margin per annum on any undrawn portion. If more than one-third or if more than two-thirds of the Facility is drawn, we will incur an additional 15 bps or 30 bps utilization fee, respectively, on the total amount outstanding. At August 31, 2011, $2.0 billion was available under this Facility and our other revolving credit facilities, net of outstanding commercial paper. In June 2011, we repaid $300 million of an unsecured floating rate export credit facility that was borrowed to pay for a portion of Queen Elizabeth’s purchase price prior to its maturity dates through 2022. In June 2011, we repaid $136 million of an unsecured floating rate euro-denominated bank loan prior to its 2014 maturity date. In July 2011, we cancelled our AIDAbella unsecured export credit committed ship financing in the amount of $252 million. In August 2011, we repaid $150 million of an unsecured floating rate bank loan prior to its fiscal 2013 maturity date. In August 2011, we obtained commitments for two unsecured export credit ship financings. The committed ship financings will provide us with the ability to borrow up to an aggregate $1.2 billion, denominated in euros. Proceeds from these financings will be used to pay for a portion of the purchase price of a Costa Cruises (“Costa”) ship, which is expected to be delivered in October 2014, and a P&O Cruises (UK) ship, which is expected to be delivered in February 2015. Each financing will have a fixed interest rate of 3.9%, although we have the option to change the interest rate to EURIBOR plus 80 bps up until 30 days prior to the applicable ship delivery date. Each financing will be due in semi-annual installments over 12 years from the date of funding and is cancellable until thirty days prior to drawing.

NOTE 2 – Debt

At August 31, 2011, unsecured short-term borrowings consisted of $659 million of commercial paper and $253 million of euro-denominated bank loans with an aggregate weighted-average interest rate of 0.7%.

In January 2011, the collateral for $313 million of fixed rate export credit facilities was released and, accordingly, this debt is no longer secured.

In March 2011, we borrowed $407 million under an unsecured euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAsol’s purchase price. This facility bears interest at EURIBOR plus a margin of 20 basis points (“bps”) and is due in semi-annual installments through March 2023.

In April 2011, we borrowed $583 million under an unsecured export credit facility, the proceeds of which were used to pay for a portion of Carnival Magic’s purchase price. This facility bears interest at LIBOR plus a margin of 160 bps and is due in semi-annual installments through April 2023.

In May 2011, we cancelled one of our undrawn revolving credit facilities in the amount of $212 million.

In May 2011, concurrently with the early termination of our existing multi-currency revolving credit facility for $2.0 billion (comprised of $1.2 billion, €400 million and £200 million), Carnival Corporation, Carnival plc and certain of Carnival plc’s subsidiaries entered into a five-year multi-currency revolving credit facility for $2.5 billion (comprised of $1.6 billion, €450 million and £150 million) (the “Facility”). The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 65 bps. The margin will vary based on changes to Carnival Corporation’s and Carnival plc’s long-term credit rating. We are required to pay a commitment fee of 35% of the margin per annum on any undrawn portion. If more than one-third or if more than two-thirds of the Facility is drawn, we will incur an additional 15 bps or 30 bps utilization fee, respectively, on the total amount outstanding. At August 31, 2011, $2.0 billion was available under this Facility and our other revolving credit facilities, net of outstanding commercial paper.

In June 2011, we repaid $300 million of an unsecured floating rate export credit facility that was borrowed to pay for a portion of Queen Elizabeth’s purchase price prior to its maturity dates through 2022.

In June 2011, we repaid $136 million of an unsecured floating rate euro-denominated bank loan prior to its 2014 maturity date.

In July 2011, we cancelled our AIDAbella unsecured export credit committed ship financing in the amount of $252 million.

In August 2011, we repaid $150 million of an unsecured floating rate bank loan prior to its fiscal 2013 maturity date.

In August 2011, we obtained commitments for two unsecured export credit ship financings. The committed ship financings will provide us with the ability to borrow up to an aggregate $1.2 billion, denominated in euros. Proceeds from these financings will be used to pay for a portion of the purchase price of a Costa Cruises (“Costa”) ship, which is expected to be delivered in October 2014, and a P&O Cruises (UK) ship, which is expected to be delivered in February 2015. Each financing will have a fixed interest rate of 3.9%, although we have the option to change the interest rate to EURIBOR plus 80 bps up until 30 days prior to the applicable ship delivery date. Each financing will be due in semi-annual installments over 12 years from the date of funding and is cancellable until thirty days prior to drawing.