Carnival to raise $1bn to make debt payments, shares tumble
Carnival
1,765.50p
17:15 03/01/25
-3.81%
-70.00p
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
20,591.40
17:00 03/01/25
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FTSE 350
4,534.15
16:54 03/01/25
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FTSE All-Share
4,490.88
17:14 03/01/25
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Travel & Leisure
9,043.52
16:54 03/01/25
-1.82%
-167.44
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.