Publish Time:2020-04-03 14:31:09Source:breakingtravelnews.com
【Introduction】:Carnival Corporation has successful raised $6.25 billion in new financing as the cruise line battles a slowdown in global travel in response to the coronavirus pandemic.
Carnival Corporation has successful raised $6.25 billion in new financing as the cruise line battles a slowdown in global travel in response to the coronavirus pandemic.
Announced earlier this week, the decision saw the company issue new debt and equity.
While the offering was oversubscribed, Carnival was forced to borrow at a high cost.
Carnival priced $4 billion in bonds maturing in 2023 - upsized from the $3 billion originally planned - with a yield at par value of 11.5 per cent.
By comparison, Carnival paid a one per cent yield in October, when it borrowed €600 million in the European debt market.
Carnival also used its ships as collateral to attract bond investors this time around.
The company also raised $1.75 billion in convertible notes with a 5.75 per cent coupon, it added.
Outside of the bond issues, Carnival issued new stock to raise $500 million, less than the $1.25 billion it was targeting.
The issue was priced at $8 per share, the company said.
Carnival shares had tumbled 33 per cent on Wednesday on the capital raising news, ending at $8.80.
This is down by more than 80 per cent from the $51 seen in January.
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