Carnival Cruises buys back rescue convertible

By Aidan Gregory
06 Aug 2020

Carnival Cruises has launched a partial buy-back of the $2bn three year 5.75% convertible bond it issued in April to provide itself with more liquidity during the Covid-19 global pandemic.

The buy-back, which was expected to close on Friday, August 7, will be funded by the sale of 99.18m new shares at $14.02 a share, which will raise about $1.4bn. The offer price in the private placement of new stock represents no discount to the $14.02 closing price ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial