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Debt | 12 Months Ended
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Nov. 30, 2011
Debt | NOTE 5 – Debt Long-term debt and short-term borrowings consisted of the following (in millions):
|  | November 30, |
|  | 2011(a) |  |  | 2010(a) |
SECURED LONG-TERM DEBT |  |  |  |  |  |  |  |
Fixed rate export credit facilities, bearing interest at 5.4% and 5.5%, collateral released in 2011 |  | $ | - |  |  | $ | 328 |
Other |  |  | 3 |  |  |  | 3 |
Total Secured Long-term Debt |  |  | 3 |  |  |  | 331 |
UNSECURED LONG-TERM DEBT |  |  |  |  |  |  |  |
Export Credit Facilities |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 4.2% to 5.5%, due through 2020 (b) |  |  | 2,340 |  |  |  | 2,339 |
Euro fixed rate, bearing interest at 3.8% to 4.5%, due through 2025 (b) |  |  | 470 |  |  |  | 503 |
Floating rate, bearing interest at LIBOR plus 1.3% to 1.6% (1.6% to 2.0%), due through 2023 (c)(d) |  |  | 872 |  |  |  | 688 |
Euro floating rate, bearing interest at EURIBOR plus 0.2% to 1.0% (1.7% to 2.8%), due through 2026 (b)(e) |  |  | 1,314 |  |  |  | 824 |
Bank Loans |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 2.7% to 4.4%, due through 2015 (b)(f)(g) |  |  | 850 |  |  |  | 851 |
Euro fixed rate, bearing interest at 3.9% to 4.7%, due through 2021 (b) |  |  | 350 |  |  |  | 406 |
Floating rate, bearing interest at LIBOR plus 0.7% to 0.9% (1.1% to 1.5%), due through 2016 (g)(h) |  |  | 500 |  |  |  | 150 |
Euro floating rate, bearing interest at EURIBOR plus 0.6% (2.1%), due in 2014 (b)(i) |  |  | 135 |  |  |  | 262 |
Private Placement Notes |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 5.9% to 6.0%, due through 2016 |  |  | 121 |  |  |  | 123 |
Euro fixed rate, bearing interest at 6.7% to 7.3%, due through 2018 (b) |  |  | 247 |  |  |  | 246 |
Publicly-Traded Notes |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 6.7% to 7.2%, due through 2028 |  |  | 528 |  |  |  | 529 |
Euro fixed rate, bearing interest at 4.3%, due in 2013 |  |  | 997 |  |  |  | 991 |
Sterling fixed rate, bearing interest at 5.6%, due in 2012 |  |  | 314 |  |  |  | 322 |
Other |  |  | 31 |  |  |  | 59 |
Total Unsecured Long-term Debt |  |  | 9,069 |  |  |  | 8,293 |
UNSECURED SHORT-TERM BORROWINGS |  |  |  |  |  |  |  |
Commercial paper, with aggregate weighted-average interest rate of 0.3%, repaid in December 2011 |  |  | 162 |  |  |  | 696 |
Euro bank loans, with aggregate weighted-average interest rate of 1.8%, repaid in December 2011 |  |  | 119 |  |  |  | 44 |
Total Unsecured Short-term Borrowings |  |  | 281 |  |  |  | 740 |
Total Unsecured Debt |  |  | 9,350 |  |  |  | 9,033 |
Total Debt |  |  | 9,353 |  |  |  | 9,364 |
Less short-term borrowings |  |  | (281 | ) |  |  | (740 | )
Less current portion of long-term debt |  |  | (1,019 | ) |  |  | (613 | )
Total Long-term Debt |  | $ | 8,053 |  |  | $ | 8,011 |
(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, 2011, 56%, 41% and 3% (60%, 37% and 3% at November 30, 2010) of our debt was U.S. dollar, euro and sterling-denominated, respectively, including the effect of foreign currency swaps. 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 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2011, we believe we were in compliance with all of our debt covenants.
(b) | Includes an aggregate $3.5 billion of debt whose interest rate would increase upon a downgrade of the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc from BBB+ to BBB, or A3 to Baa2, and will increase further upon additional credit rating downgrades, exclusive of the amount shown in Note (g).
(c) | In 2011, we borrowed $583 million under an unsecured export credit facility, the proceeds of which were used to pay for a portion of Carnival Magic’s purchase price. This facility bears interest at LIBOR plus a margin of 160 basis points (“bps”) and is due in semi-annual installments through April 2023.
(d) | In 2011, we repaid $300 million of an unsecured floating rate export credit facility that was borrowed to pay for a portion of Queen Elizabeth’s purchase price prior to its maturity dates through 2022.
(e) | In 2011, we borrowed $406 million under an unsecured euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAsol’s purchase price. This facility bears interest at EURIBOR plus a margin of 20 bps and is due in semi-annual installments through March 2023. In addition, in 2011 Costa borrowed $209 million under an unsecured euro-denominated export credit facility, which bears interest at EURIBOR plus a margin of 98 bps and is due in semi-annual installments through October 2026.
(f) | 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.
(g) | Includes an aggregate $600 million of bank loans whose interest rate, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc from A3 to Baa1, and will increase further upon additional credit rating downgrades.
(h) | In 2011, we repaid $150 million of an unsecured floating rate bank loan prior to its 2013 maturity date. In addition, in 2011 we borrowed an aggregate $500 million under four unsecured floating rate bank loans that mature through October 2016.
(i) | In 2011, we repaid $136 million of an unsecured floating rate euro-denominated bank loan prior to its 2014 maturity date.
At November 30, 2011, the scheduled annual maturities of our debt were as follows (in millions):
|  | Fiscal |  |  |  |  |  |  |
|  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | Thereafter |  |  | Total |
Short-term borrowings |  | $ | 281 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 281 |
Long-term debt |  |  | 1,019 |  |  | $ | 1,624 |  |  | $ | 1,557 |  |  | $ | 1,195 |  |  | $ | 780 |  |  | $ | 2,897 |  |  |  | 9,072 |
|  | $ | 1,300 |  |  | $ | 1,624 |  |  | $ | 1,557 |  |  | $ | 1,195 |  |  | $ | 780 |  |  | $ | 2,897 |  |  | $ | 9,353 |
Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the effective interest method, over the term of the debt. In addition, all debt issue discounts are amortized to interest expense using the effective interest rate method over the term of the notes. Committed Ship Financings We have unsecured long-term export credit committed ship financings, for which we have the option to draw in euros and/or U.S. dollars depending on the facility, in order to pay for a portion of our ships’ purchase prices. These commitments, if drawn, are generally repayable semi-annually over 12 years. We have the option to cancel each one at specified dates prior to the underlying ship’s delivery date. At January 23, 2012, our committed ship financings are as follows:
Cruise Brands and Ships |  | Fiscal Year Scheduled for Funding |  |  | Amount |
|  |  |  |  | (in millions) |
North America |  |  |  |  |  |  |  |
Carnival Cruise Lines |  |  |  |  |  |  |  |
Carnival Breeze |  |  | 2012 |  |  | $ | 560 |
Princess |  |  |  |  |  |  |  |
Royal Princess |  |  | 2013 |  |  |  | 538 |
Newbuild |  |  | 2014 |  |  |  | 538 |
North America Cruise Brands |  |  |  |  |  |  | 1,636 |
EAA |  |  |  |  |  |  |  |
AIDA |  |  |  |  |  |  |  |
AIDAmar |  |  | 2012 |  |  |  | 389 |
Newbuild |  |  | 2013 |  |  |  | 318 |
Newbuild |  |  | 2015 |  |  |  | 452 |
Newbuild |  |  | 2016 |  |  |  | 452 |
P&O Cruises (UK) |  |  |  |  |  |  |  |
Newbuild |  |  | 2015 |  |  |  | 554 |
Costa |  |  |  |  |  |  |  |
Newbuild |  |  | 2014 |  |  |  | 522 |
EAA Cruise Brands |  |  |  |  |  |  | 2,687 |
|  |  |  |  |  | $ | 4,323 |
Revolving Credit Facilities In 2011, concurrent with the early termination of our existing multi-currency revolving credit facility for $2.0 billion (comprised of $1.2 billion, €400 million and £200 million), Carnival Corporation, Carnival plc and certain of Carnival plc’s subsidiaries entered into a five-year multi-currency revolving credit facility for $2.5 billion (comprised of $1.6 billion, €450 million and £150 million) (the “Facility”). The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 65 bps. The margin will vary based on changes to Carnival Corporation’s and Carnival plc’s long-term senior unsecured credit ratings. We are required to pay a commitment fee of 35% of the margin per annum on any undrawn portion. If more than one-third or if more than two-thirds of the Facility is drawn, we will incur an additional 15 bps or 30 bps utilization fee, respectively, on the total amount outstanding. At November 30, 2011, we also had two other revolving credit facilities with an aggregate $161 million available that mature through 2015. At November 30, 2011, $2.4 billion was available under our Facility and our other revolving credit facilities, net of outstanding commercial paper.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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