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Debt (Tables)
 12 Months Ended
Nov. 30, 2012
Unsecured Long-Term Debt and Short-Term Borrowings

Unsecured long-term debt and short-term borrowings consisted of the following (in millions):

 

                                             
     November 30,  
     2012(a)     2011(a)  

Long-Term Debt

     

Export Credit Facilities

     

Fixed rate, bearing interest at 4.2% to 5.5%, due through 2020 (b)

    $ 2,009      $ 2,340   

Euro fixed rate, bearing interest at 3.8% to 4.5%, due through 2025 (b)

      423        470   

Floating rate, bearing interest at LIBOR plus 1.3% to 1.6% (1.9% to 2.0%), due through 2024 (c)

      1,303        872   

Euro floating rate, bearing interest at EURIBOR plus 0.2% to 1.0% (0.4% to 2.0%), due through 2026 (b)(d)

      1,516        1,314   

Bank Loans

     

Fixed rate, bearing interest at 3.5% to 4.4%, due through 2015 (b)(e)(f)

      650        850   

Euro fixed rate, bearing interest at 3.9%, due in 2021 (b)

      296        350   

Floating rate, bearing interest at LIBOR plus 0.7% to 1.0% (1.0% to 1.3%), due through 2016 (b)(f)

      700        500   

Euro floating rate, bearing interest at EURIBOR plus 0.6% (0.8%), due in 2014 (b)

      132        135   

Private Placement Notes

     

Fixed rate, bearing interest at 5.9% to 6.0%, due through 2016

      116        121   

Euro fixed rate, bearing interest at 6.9% to 7.3%, due through 2018 (b)

      185        247   

Publicly-Traded Notes

     

Fixed rate, bearing interest at 6.7% to 7.2%, due through 2028

      517        528   

Euro fixed rate, bearing interest at 4.3%, due in 2013

      971        997   

Sterling fixed rate, bearing interest at 5.6%, repaid at maturity in 2012

      -        314   

Other

      28        34   

Short-Term Borrowings

     

Commercial paper, with aggregate weighted-average interest rate of 0.3%

      -        162   

Euro bank loans, with aggregate weighted-average interest rate of 1.7%

      56        119   
  

 

 

    

 

 

  

Total Debt

      8,902        9,353   

Less short-term borrowings

      (56 )      (281 ) 

Less current portion of long-term debt

      (1,678 )      (1,019 ) 
  

 

 

    

 

 

  

Total Long-term Debt

    $ 7,168      $ 8,053   
  

 

 

    

 

 

  

 

(a) All interest rates are as of the latest balance sheet date for which there is an outstanding debt balance. The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2012, 58% and 42% of our debt was U.S. dollar and euro-denominated, respectively, and at November 30, 2011, 56%, 41% and 3% of our debt was U.S. dollar, euro and sterling-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring significant costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 11) could become due, and all debt and derivative contracts could be terminated. At November 30, 2012, we believe we were in compliance with all of our debt covenants.
(b) Includes $3.8 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon certain downgrades in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc.
(c) In 2012, we borrowed $560 million under an unsecured export credit facility, the proceeds of which were used to pay for a portion of Carnival Breeze’s purchase price and is due in semi-annual installments through May 2024.
(d) In 2012, we borrowed $383 million under an unsecured euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAmar’s purchase price and is due in semi-annual installments through May 2024.
(e) Includes a $150 million bank loan that currently carries a fixed interest rate. However, the loan can be converted to a floating interest rate at the option of the lenders.
(f) In 2012, we borrowed $200 million under a bank loan, which is due in 2014. This bank loan was used to repay an existing $200 million unsecured fixed rate bank loan at maturity in 2012.
Scheduled Annual Maturities of Debt

At November 30, 2012, the scheduled annual maturities of our debt were as follows (in millions):

 

                                                                                                                                                                
     Fiscal                
     2013      2014      2015      2016      2017      Thereafter      Total  

Short-term borrowings

    $ 56                      $ 56   

Long-term debt

      1,678       $ 1,615       $ 1,269       $ 848       $ 593       $ 2,843         8,846   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 1,734       $ 1,615       $ 1,269       $ 848       $ 593       $ 2,843       $ 8,902   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
Committed Ship Financings

At January 22, 2013, our committed ship financings are as follows:

 

                                             

Cruise Brands and Ships

    Fiscal Year
Scheduled  for
Funding		      Amount  
            (in millions)  

North America

      

Princess

      

Royal Princess

      2013       $ 523   

Regal Princess

      2014         523   
     

 

 

  

North America Cruise Brand

         1,046   
     

 

 

  

EAA

      

AIDA

      

AIDAstella

      2013         310   

Newbuild

      2015         440   

Newbuild

      2016         440   

P&O Cruises (UK)

      

Newbuild

      2015         539   

Costa

      

Costa Diadema

      2014         508   
     

 

 

  

EAA Cruise Brands

         2,237   
     

 

 

  
      $ 3,283