v3.23.2
Debt (Tables)
 6 Months Ended
May 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
May 31,November 30,
(in millions)MaturityRate (a) (b)20232022
Secured Subsidiary Guaranteed
Notes
NotesFeb 202610.5%$775 $775 
EUR NotesFeb 202610.1%455 439 
NotesJun 20277.9%192 192 
NotesAug 20279.9%900 900 
NotesAug 20284.0%2,406 2,406 
Loans
EUR floating rateJun 2025
EURIBOR + 3.8%
833 808 
Floating rateJun 2025 - Oct 2028
LIBOR + 3.0 - 3.3%
4,080 4,101 
          Total Secured Subsidiary Guaranteed9,640 9,621 
Senior Priority Subsidiary Guaranteed
NotesMay 202810.4%2,030 2,030 
Unsecured Subsidiary Guaranteed
Revolver
Facility(c)
LIBOR + 0.7%
— 200 
Notes
Convertible NotesApr 20235.8%— 96 
Convertible NotesOct 20245.8%426 426 
NotesMar 20267.6%1,450 1,450 
EUR NotesMar 20267.6%535 517 
NotesMar 20275.8%3,500 3,500 
Convertible NotesDec 20275.8%1,131 1,131 
NotesMay 20296.0%2,000 2,000 
NotesJun 203010.5%1,000 1,000 
Loans
Floating rateJul 2024 - Sep 2024
LIBOR + 3.8%
300 590 
GBP floating rateFeb 2025
SONIA + 0.9% (d)
432 419 
EUR floating rate (e)Apr 2024 - Mar 2026
EURIBOR + 2.4 - 4.0%
749 827 
Export Credit Facilities
Floating rateDec 2031
LIBOR + 0.8
617 1,246 
Fixed rateAug 2027 - Dec 2032
2.4 - 3.4%
2,950 3,143 
EUR floating rateMay 2024 - Nov 2034
EURIBOR + 0.2 - 0.8%
3,201 3,882 
EUR fixed rateFeb 2031 - Jan 2036
1.1 - 3.4%
3,582 2,592 
          Total Unsecured Subsidiary Guaranteed21,874 23,019 
Unsecured Notes (No Subsidiary Guarantee)
NotesOct 20237.2%125 125 
NotesJan 20286.7%200 200 
EUR NotesOct 20291.0%642 620 
          Total Unsecured Notes (No Subsidiary Guarantee)967 945 
Total Debt34,511 35,615 
Less: unamortized debt issuance costs and discounts(802)(1,069)
Total Debt, net of unamortized debt issuance costs and discounts33,710 34,546 
Less: short-term borrowings— (200)
Less: current portion of long-term debt(1,789)(2,393)
Long-Term Debt$31,921 $31,953 

(a)The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors.
(b)The above debt table excludes the impact of any outstanding derivative contracts. The interest rates on some of our debt fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.
(c)See “Short-Term Borrowings” below.
(d)The interest rate for the GBP unsecured loan is subject to a credit adjustment spread ranging from 0.03% to 0.28%. The referenced Sterling Overnight Index Average (“SONIA”) rate with the credit adjustment spread is subject to a 0% floor.
(e)In March 2023, we entered into an amendment of a EUR floating rate loan to extend maturity through April 2024.
Schedule of Annual Maturities of Debt
As of May 31, 2023, the scheduled maturities of our debt are as follows:
(in millions)
YearPrincipal Payments
3Q 2023$394 
4Q 2023431 
2024 (a)2,420 
20254,297 
20264,466 
20275,700 
Thereafter16,803 
Total$34,511 

(a)Subsequent to May 31, 2023, we pre-paid $300 million of 2024 debt maturities.