LONDON (ShareCast) - (Sharecast News) - Carnival announced on Monday that it has secured a new $4.5bn multi-currency revolving credit facility, extending its access to liquidity through to June 2030.
The FTSE 250 cruise operator said the new facility replaced an existing revolving credit line held by subsidiary Carnival Holdings Bermuda II.

It said the arrangement included an accordion feature allowing the facility to be increased by up to $1bn in additional revolving commitments.

The new credit line was unsecured, and would initially be guaranteed on an unsecured basis by the same subsidiaries that backed Carnival's senior secured term loan facilities.

Both Carnival Corporation and Carnival plc were participating as borrowers under the agreement, which was arranged with a global syndicate of financial institutions.

JPMorgan Chase Bank was acting as administrative agent.

"This 50% increase in our revolver meaningfully enhances our liquidity, providing opportunities to continue accelerating our debt reduction efforts," said chief financial officer David Bernstein.

"Securing this significant upsize and extension to our revolver, on more favorable terms, also reflects confidence in our continued performance and achieves another milestone toward rebuilding our financial fortress."

At 1007 BST, shares in Carnival were up 1.5% at 1,526p.

Reporting by Josh White for Sharecast.com.

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