Carnival to raise $1bn to make debt payments, shares tumble
Carnival
1,815.50p
17:15 26/11/24
0.97%
17.50p
Carnival tumbled on Wednesday after the cruise operator announced plans to raise $1bn with convertible senior notes to make principal payments on debt and for general corporate purposes.
FTSE 250
20,568.65
16:39 26/11/24
n/a
n/a
FTSE 350
4,549.92
16:40 26/11/24
n/a
n/a
FTSE All-Share
4,505.58
16:59 26/11/24
n/a
n/a
Travel & Leisure
8,886.62
16:40 26/11/24
0.06%
5.15
The convertible notes are part of the company’s 2024 refinancing plan.
They will pay interest semi-annually on 1 June and 1 December of each year, beginning on 1 June 2023, at a rate of 5.75% per year. The notes will mature on 1 December 2027, unless earlier repurchased, redeemed or converted.
At 1145 GMT, the shares were down 13.6% at 729.40p.