Cruise line launches rescue attempt with rights issue and $3bn bond

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By Owen Sanderson
31 Mar 2020

Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.

Carnival, which had a market cap of nearly $30bn at the end of last year, and made $3bn of profit for the year to November 2019, has seen its financial metrics collapse as coronavirus fears have hit the cruise industry and global economy.

Cruise lines were among the ...

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