US cruise line operator Carnival is looking to raise its first leveraged loan as it seeks alternative forms of liquidity to shore up its business, ...
US cruise line operator Carnival is looking to raise its first leveraged loan as it seeks alternative forms of liquidity to shore up its business, which has been sunk by the coronavirus pandemic.
The five-year term loan B includes a minimum €500m tranche and is guided to pay 675bp-700bp, at 96 OID. The dollar TLB will have a 1per cent floor and the euro TLB a 0per cent floor. The loan is offered with call protection of NC1/102/par. While still technically investment-grade at that time, Carnival's USUS$4bn secured debt offering was marketed as high-yield bonds and featured a covenant package to match.
While it was tempting to return to the bond market to raise the liquidity, there was a concern that investors would have capacity constraints from deploying more money to the sector. While commercial bank lenders are more focused on relationship lending in the investment-grade market, the buyers of leveraged debt are more economically driven.
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