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Carnival to issue shares to buy back $91m of debt
StockMarketWire.com
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Cruise operator Carnival is to issue more than 10 million new shares to raise money to buy back debt from bondholders, it announced today.
It plans to issue shares priced at $17.59 each, valuing the fundraising at almost $183 million.
Proceeds will be used to buy back convertible senior notes that are due to mature in 2023. Carnival said it intended to buy an aggregate $90.8 million worth of debt.
After the repurchases, the company will have $536.7 million of convertible notes outstanding.
The share issue will close on 23 November 2020.
The news follows the announcement on 17 November that Carnival intended to raise $1 billion to buy back almost $500 million in convertible notes.
The cruise operator has cancelled all cruises from US ports in January, with some cancellations extending through February and March.
At 2:56pm: (LON:CCL) Carnival PLC share price was 0p at 1081p
Story provided by StockMarketWire.com
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