Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pizza Hut said it is giving away 500,000 free pizzas to 2020 graduates in the Unites States. The pizza chain, owned by Yum! Brands, offers one free medium 1-topping pizza to all diploma/degree earning individuals until supplies last. The company is partnering with America's dairy farmers for the offer, which can be claimed until Thursday and redeemed until June 4. Merck & Co. Inc. on Tuesday announced deals, including an acquisition and two collaborations that will enable the U.S. drugmaker to join the race to develop coronavirus vaccines and drugs. Shares of Merck were rising almost 4 percent in the pre-market. Merck said it has agreed to acquire privately-held Themis, an Austria-based company focused on vaccines and immune-modulation therapies. The U.S. Food and Drug Administration or FDA announced that Acella Pharmaceuticals, LLC recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency. The company is recalling 13 lots of NP Thyroid that are packaged in 100 count bottles in strengths of 30 mg, 60 mg, and 90 mg, with expiration dates between June 20, 2020, and December 20, 2020.
Follow RTT