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Debt Waterfall — Carnival Corporation & plc — Debt Master Table (ordered by ranking)
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Source filing: Form 10-Q · quarterly period ended February 28, 2026 (Q1 FY2026) · Commission file nos. 001-9610 / 001-15136. All figures in USD millions unless noted. Per-line figures are principal/face; per-instrument carrying value NOT DISCLOSED (filing nets issuance costs/discounts only in aggregate).
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Tier 1 — Secured, subsidiary guaranteed (first-priority)
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InstrumentTypePrincipal (Feb 28 '26)Carrying / netCoupon / rateMaturityCurrencySecured?GuaranteeRanking (as disclosed)StatusSource
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7.88% NotesNotes₹192
NOT DISCLOSED (aggregate only)
7.88% fixedJun-27USDYesSubsidiary guaranteed
Secured, subsidiary guaranteed; secured on first-priority basis
Outstanding (flat vs $192)[N3, p.9]
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4.00% NotesNotes₹2,406 NOT DISCLOSED4.00% fixedAug-28USDYesSubsidiary guaranteedSecured, subsidiary guaranteed; first-priorityOutstanding (flat)[N3, p.9]
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7.00% NotesNotes₹500 NOT DISCLOSED7.00% fixedAug-29USDYesSubsidiary guaranteedSecured, subsidiary guaranteed; first-priorityOutstanding (flat)[N3, p.9]
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Total Secured Subsidiary Guaranteed₹3,098 [N3, p.9]
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Tier 2 — Unsecured, subsidiary guaranteed
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5.75% Convertible NotesConvertible notes$0 (was $1,131)NOT DISCLOSED5.75% fixed
"Dec 2025" (b) — see conflict
NOT DISCLOSED
NoSubsidiary guaranteedUnsecured, subsidiary guaranteedConverted / settled Dec 2025 → $0[N3, p.9]
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5.13% NotesNotes₹1,250 NOT DISCLOSED5.13% fixedMay-29USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding (flat)[N3, p.9]
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5.75% EUR NotesNotes$590 (was $580)NOT DISCLOSED5.75% fixedJan-30EURNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding; balance moved (FX)[N3, p.9]
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5.75% NotesNotes₹1,000 NOT DISCLOSED5.75% fixedMar-30USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding (flat)[N3, p.9]
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5.88% NotesNotes₹1,000 NOT DISCLOSED5.88% fixedJun-31USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding (flat)[N3, p.9]
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4.13% EUR NotesNotes$1,180 (was $1,160)NOT DISCLOSED4.13% fixedJul-31EURNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding; balance moved (FX)[N3, p.9]
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5.75% NotesNotes₹3,000 NOT DISCLOSED5.75% fixedAug-32USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding (flat)[N3, p.9]
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6.13% NotesNotes₹2,000 NOT DISCLOSED6.13% fixedFeb-33USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding (flat)[N3, p.9]
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Floating-rate LoansTerm loan(s)₹900 NOT DISCLOSEDSOFR + 1.13%–1.38% (0.00% floor)Aug 2027 – Nov 2027USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding (flat)[N3, p.9]
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Export Credit Facility — floatingExport credit facility$411 (was $446)NOT DISCLOSED
SOFR + 1.20% incl. credit adj. spread (c); 0.00% floor
Dec-31USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding; balance down[N3, p.9]
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Export Credit Facility — fixedExport credit facility$1,904 (was $1,983)NOT DISCLOSED2.42%–3.38% fixedAug 2027 – Dec 2032USDNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding; balance down[N3, p.9]
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Export Credit Facility — EUR floatingExport credit facility$2,409 (was $2,461)NOT DISCLOSEDEURIBOR + 0.55%–0.80% (0.00% floor)Oct 2026 – Nov 2034EURNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding; balance moved[N3, p.9]
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Export Credit Facility — EUR fixedExport credit facility$6,001 (was $6,132)NOT DISCLOSED1.05%–4.00% fixedFeb 2031 – Sep 2037EURNoSubsidiary guaranteedUnsecured, subsidiary guaranteedOutstanding; balance moved[N3, p.9]
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Total Unsecured Subsidiary Guaranteed
₹21,644 [N3, p.9]
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Tier 3 — Unsecured, no subsidiary guarantee (most junior in guarantee terms)
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6.65% NotesNotes₹200 NOT DISCLOSED6.65% fixedJan-28USDNoNo subsidiary guaranteeUnsecured, no subsidiary guaranteeOutstanding (flat)[N3, p.9]
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1.00% EUR NotesNotes$708 (was $696)NOT DISCLOSED1.00% fixedOct-29EURNoNo subsidiary guaranteeUnsecured, no subsidiary guaranteeOutstanding; balance moved (FX)[N3, p.9]
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EUR floating-rate LoanTerm loan$354 (was $348)NOT DISCLOSEDEURIBOR + 1.95% (0.00% floor)Apr-29EURNoNo subsidiary guaranteeUnsecured, no subsidiary guaranteeOutstanding; balance moved[N3, p.9]
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Total Unsecured (No Subsidiary Guarantee)
₹1,262 [N3, p.9]
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Reconciliation (preserved as disclosed, not collapsed)
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StepAmountSource
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Total Debt (gross)₹26,004 [N3, p.9]
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Less: unamortized debt issuance costs and discounts
(₹713)[N3, p.9]
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Total Debt, net of unamortized issuance costs and discounts
₹25,290 [N3, p.9]
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Less: current portion of long-term debt(₹1,502)[N3, p.9] / [BS, p.3]
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Long-Term Debt₹23,788 [N3, p.9] / [BS, p.3]
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Cross-check: net debt $25,290 = balance-sheet current portion $1,502 + Long-Term Debt $23,788. Consistent across the footnote and balance sheet.
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Undrawn capacity (not in the $26,004 above): Revolving Facility — $4.5B available, usable through June 2030 [N3-Revolving, p.10]; export credit facilities — $10.9B undrawn to fund ship deliveries through 2033 [N3-ECF, p.10].
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Tier mix (% of gross total debt $26,004)
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TierPrincipal% of totalCapital structure
Secured, sub. guaranteed
Unsecured, sub. guaranteed
Unsecured, no guarantee
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Secured, subsidiary guaranteed#VALUE!#VALUE!Total debt#VALUE!#VALUE!#VALUE!
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Unsecured, subsidiary guaranteed#VALUE!#VALUE!
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Unsecured, no subsidiary guarantee#VALUE!#VALUE!
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Total (gross)#VALUE!#VALUE!
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Tier principals parsed from the disclosed subtotal text cells (C9, C25, C31); % of gross total debt (C35 = $26,004). Figures preserved as disclosed [N3, p.9].
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Tier subtotal checkAmount
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Sum of three tier subtotals#VALUE!
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Disclosed gross total debt#VALUE!
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Difference#VALUE!
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Match?#VALUE!
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