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Debt (Tables) | 3 Months Ended
--- | ---
Feb. 28, 2023
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | February 28, |  | November 30,
(in millions) | Maturity |  | Rate (a) (b) |  | 2023 |  | 2022
Secured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Feb 2026 |  | 10.5% |  | $ | 775 |  |  | $ | 775 |
EUR Notes | Feb 2026 |  | 10.1% |  | 448 |  |  | 439 |
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 floating rate | Jun 2025 |  | EURIBOR + 3.8% |  | 823 |  |  | 808 |
Floating rate | Jun 2025 - Oct 2028 |  | LIBOR + 3.0 - 3.3% |  | 4,091 |  |  | 4,101 |
Total Secured Subsidiary Guaranteed |  |  |  | 9,634 |  |  | 9,621 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |  |
Notes | May 2028 |  | 10.4% |  | 2,030 |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |
Facility | (c) |  | LIBOR + 0.7% |  | 200 |  |  | 200 |
Notes |  |  |  |  |  |  |
Convertible Notes | Apr 2023 |  | 5.8% |  | 96 |  |  | 96 |
Convertible Notes | Oct 2024 |  | 5.8% |  | 426 |  |  | 426 |
Notes | Mar 2026 |  | 7.6% |  | 1,450 |  |  | 1,450 |
EUR Notes | Mar 2026 |  | 7.6% |  | 527 |  |  | 517 |
Notes | Mar 2027 |  | 5.8% |  | 3,500 |  |  | 3,500 |
Convertible Notes | Dec 2027 |  | 5.8% |  | 1,131 |  |  | 1,131 |
Notes | May 2029 |  | 6.0% |  | 2,000 |  |  | 2,000 |
Notes | Jun 2030 |  | 10.5% |  | 1,000 |  |  | 1,000 |
Loans |  |  |  |  |  |  |
Floating rate | Jul 2024 - Sep 2024 |  | LIBOR + 3.8% |  | 300 |  |  | 590 |
GBP floating rate | Feb 2025 |  | SONIA + 0.9% (d) |  | 418 |  |  | 419 |
EUR floating rate | Apr 2023 - Mar 2026 |  | EURIBOR + 1.8 - 2.4% |  | 844 |  |  | 827 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Oct 2024 - Dec 2031 |  | LIBOR + 0.8 - 1.5% |  | 1,172 |  |  | 1,246 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4 - 3.4% |  | 3,064 |  |  | 3,143 |
EUR floating rate | Mar 2023 - Nov 2034 |  | EURIBOR + 0.2 - 1.6% |  | 3,841 |  |  | 3,882 |
EUR fixed rate | Feb 2031 - Dec 2034 |  | 1.1 - 3.1% |  | 3,372 |  |  | 2,592 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 23,342 |  |  | 23,019 |
Unsecured Notes (No Subsidiary Guarantee) |  |  |  |  |  |
Notes | Oct 2023 |  | 7.2% |  | 125 |  |  | 125 |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.0% |  | 633 |  |  | 620 |
Total Unsecured Notes (No Subsidiary Guarantee) |  |  |  | 958 |  |  | 945 |
Total Debt |  |  |  |  | 35,963 |  |  | 35,615 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (828) |  |  | (1,069) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 35,135 |  |  | 34,546 |
Less: short-term borrowings |  |  |  |  | (200) |  |  | (200) |
Less: current portion of long-term debt |  |  |  |  | (2,264) |  |  | (2,393) |
Long-Term Debt |  |  |  |  | $ | 32,672 |  |  | $ | 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 our interest rate swaps and as of February 28, 2023, it also excludes the impact of our foreign currency swaps. As of November 30, 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. 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 SONIA rate with the credit adjustment spread is subject to a 0% floor.
Schedule of Annual Maturities of Debt | As of February 28, 2023, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
2Q 2023 (a) |  | $ | 785 |
3Q 2023 |  | 465 |
4Q 2023 |  | 529 |
2024 (a) (b) |  | 2,734 |
2025 |  | 4,488 |
2026 |  | 4,611 |
2027 |  | 5,742 |
Thereafter |  | 16,611 |
Total |  | $ | 35,963 |
(a)Subsequent to February 28, 2023, we extended the maturity of $211 million of principal payments from second quarter 2023 to 2024. (b)Includes borrowings of $0.2 billion under our Revolving Facility.

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