Carnival Corporation & plc has successfully arranged a new forward starting $2.1 billion multi-currency revolving credit facility, which was issued by its subsidiary Carnival Holdings (Bermuda) II Limited.

The company said the new revolver will replace Carnival Corporation's existing multi-currency revolving credit facility upon its maturity in August 2024.

It has an initial term of one year, commencing August 2024, with two mutual one-year extension options. The new facility also contains an accordion feature, allowing for additional commitments up to an aggregate of $2.9 billion, which is the amount of the existing revolver.

David Bernstein, chief financial officer, said: "Our new facility enables us to retain the full benefit of our $2.9 billion revolver until August 2024, while building on our base $2.1 billion commitment over the next 18 months.

“The successful transaction is a direct reflection of our strong bank relationships and confidence in our continuing return to strong profitability, which we plan to utilise as a springboard to deleveraging and returning to investment grade."

The new revolver will be unsecured and guaranteed on an unsecured basis by Carnival Corporation, Carnival plc and the same subsidiaries of the company that guarantee the existing revolver.

Carnival is the world’s largest cruise company and operates the Aida, Carnival, Costa, Cunard, Holland America, P&O, Princess and Seabourn lines.