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Debt (Tables) | 9 Months Ended
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Aug. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | August 31, |  | November 30,
(in millions) | Maturity |  | Rate (a) (b) |  | 2022 |  | 2021
Secured Debt |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Feb 2026 |  | 10.5% |  | $ | 775 |  |  | $ | 775 |
EUR Notes | Feb 2026 |  | 10.1% |  | 425 |  |  | 481 |
Notes | Jun 2027 |  | 7.9% |  | 192 |  |  | 192 |
Notes | Aug 2027 |  | 9.9% |  | 900 |  |  | 900 |
Notes | Aug 2028 |  | 4.0% |  | 2,406 |  |  | 2,406 |
Loans |  |  |  |  |  |  |
EUR fixed rate | Nov 2022 |  | 5.5% - 6.2% |  | 67 |  |  | 98 |
EUR floating rate | Nov 2022 - Jun 2025 |  | EURIBOR + 2.7% - 3.8% |  | 829 |  |  | 951 |
Floating rate | Jun 2025 - Oct 2028 |  | LIBOR + 3.0% - 3.3% |  | 4,111 |  |  | 4,137 |
Total Secured Debt |  |  |  |  | 9,704 |  |  | 9,939 |
Unsecured Debt |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |
Facility | (c) |  | LIBOR + 0.7% |  | 2,675 |  |  | 2,790 |
Notes |  |  |  |  |  |  |
EUR Notes | Nov 2022 |  | 1.9% |  | 550 |  |  | 622 |
Convertible Notes | Apr 2023 |  | 5.8% |  | 183 |  |  | 522 |
Notes | Oct 2023 |  | 7.2% |  | 125 |  |  | 125 |
Convertible Notes | Oct 2024 |  | 5.8% |  | 339 |  |  | — |
Notes | Mar 2026 |  | 7.6% |  | 1,450 |  |  | 1,450 |
EUR Notes | Mar 2026 |  | 7.6% |  | 500 |  |  | 566 |
Notes | Mar 2027 |  | 5.8% |  | 3,500 |  |  | 3,500 |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
Notes | May 2029 |  | 6.0% |  | 2,000 |  |  | 2,000 |
EUR Notes | Oct 2029 |  | 1.0% |  | 600 |  |  | 679 |
Notes | Jun 2030 |  | 10.5% |  | 1,000 |  |  | — |
Loans |  |  |  |  |  |  |
Floating rate | Feb 2023 - Sep 2024 |  | LIBOR + 3.8% - 4.5% |  | 590 |  |  | 590 |
GBP floating rate | Feb 2025 |  | SONIA + 0.9% (d) |  | 410 |  |  | 467 |
EUR floating rate | Dec 2021 - Mar 2026 |  | EURIBOR + 1.8% - 4.8% |  | 800 |  |  | 1,375 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Feb 2022 - Dec 2031 |  | LIBOR + 0.5% - 1.5% |  | 1,312 |  |  | 1,363 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4% - 3.4% |  | 3,240 |  |  | 3,488 |
EUR floating rate | Feb 2022 - Dec 2033 |  | EURIBOR + 0.2% - 1.6% |  | 3,102 |  |  | 2,742 |
EUR fixed rate | Feb 2031 - Jan 2034 |  | 1.1% - 1.6% |  | 2,529 |  |  | 1,551 |
Total Unsecured Debt |  |  |  |  | 25,104 |  |  | 24,031 |
Total Debt |  |  |  |  | 34,808 |  |  | 33,970 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (737) |  |  | (744) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 34,071 |  |  | 33,226 |
Less: short-term borrowings |  |  |  |  | (2,675) |  |  | (2,790) |
Less: current portion of long-term debt |  |  |  |  | (2,877) |  |  | (1,927) |
Long-Term Debt |  |  |  |  | $ | 28,518 |  |  | $ | 28,509 |
(a)Substantially all of our variable debt has a 0.0% to 0.75% floor. (b)The above debt table does not include the impact of our interest rate swaps and as of November 30, 2021, it also excludes the impact of our foreign currency swaps. As of August 31, 2022, we had no foreign currency swaps. The interest rates on some of our debt, including our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. (c)Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of August 31, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion. (d)As of August 31, 2022 the interest rate for the GBP unsecured loan was linked to SONIA and subject to a credit adjustment spread ranging from 0.03% to 0.28%. As of November 30, 2021, this loan was referenced to GBP LIBOR. The net carrying value of the liability component of the Convertible Notes was as follows:
(in millions) |  | August 31, 2022 |  | November 30, 2021
Principal |  | $ | 522 |  |  | $ | 522 |
Less: Unamortized debt discount |  | (22) |  | (45)
|  | $ | 501 |  |  | $ | 478 |
Schedule of Annual Maturities of Debt | As of August 31, 2022, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
4Q 2022 |  | $ | 991 |
2023 |  | 2,377 |
2024 (a) |  | 4,935 |
2025 |  | 4,258 |
2026 |  | 4,385 |
Thereafter |  | 17,862 |
Total |  | $ | 34,808 |
(a)Includes borrowings of $2.7 billion under our Revolving Facility. Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of August 31, 2022.

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