This excerpt taken from the CCL 10-Q filed Sep 28, 2007.
NOTE 9 - Subsequent Events
In September 2007 we entered into a joint venture agreement with Orizonia Corporation, Spains largest travel company to set up Iberocruceros, a Spanish cruise line, for an investment of 290 million, which we funded with 105 million of cash and 185 million in proceeds that Iberocruceros borrowed under a portion of our revolving credit facility. Effective September 1, 2007, we will consolidate the new ventures results within our consolidated financial statements, and Orizonias 25% interest will be accounted for as a minority interest. Iberocruceros is operating two contemporary Spanish cruise ships, the 834-passenger capacity Grand Voyager, and the 1,244-passenger capacity Grand Mistral, which were built in 2000 and 1999, respectively. In June 2008, Carnival Cruise Lines 1,486-passenger capacity Celebration will join the Iberocruceros fleet.