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Stock Alert: Carnival Down 5%; To Raise $6 Bln

Shares of Carnival Corp. (CCL) is down 5% on Tuesday morning after the luxury cruise line operator announced its plans to raise about $6 billion as the ongoing Covid-19 pandemic has halted its business completely.

CCL is currently trading at $12.17, down $0.63 or 4.93%, on the NYSE.

Carnival said it plans to raise $1.25 billion by issuing common shares, $1.75 billion through the sale of convertible notes and $3 billion through senior secure notes.

The U.S. federal government had asked Carnival and other cruise operators to stop sailing this month after coronavirus outbreaks. The companies are now facing a bleak future.

JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. are managing the bond sale, which is expected to be completed on Wednesday.

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