Market Overview

Carnival Cruise Guides To 2020 Loss, Announces Common Stock Offering

Share:
Carnival Cruise Guides To 2020 Loss, Announces Common Stock Offering

Carnival Corp (NYSE: CCL) shares were trading lower Tuesday after the company announced debt and stock offerings and said it sees preliminary first-quarter EPS of 22 cents per share.

The cruise line said it expects a net loss on a GAAP and adjusted basis for the fiscal year ending Nov. 30, 2020.

Carnival announced an underwritten public offering of $1.25 billion of shares of common stock, offering underwriters an option to purchase up to $187.5 million of additional shares.

Carnival also announced an offering of senior secured notes and senior convertible notes that will be due in 2023. The private offerings are of a $3-billion aggregate principal amount of first-priority senior secured notes due 2023 and a $1.75-billion aggregate principal amount of senior convertible notes due 2023. 

Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.

Coronavirus Impact On Carnival 

The company acknowledged the impact of COVID-19 has had and said it will continue to have a materially adverse impact on Carnival's financial condition and operations, which impacts its ability to obtain acceptable financing to fund any resulting shortfalls in cash from operations.

“The current, and uncertain future, impact of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), will continue to impact our results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity, and stock price.”

Carnival Cruise shares were down 16.02% at $10.75 in Tuesday’s pre-market session.

The stock has a 52-week high of $56.04 and a 52-week low of $7.90.

Related Links:

Carnival's Princess Cruises Reports Voluntary Pause Of Worldwide Ship Operations For 60 Days

Cruise Liner Shares Bounce Back Despite Continued Coronavirus Concerns

 

Related Articles (CCL)

View Comments and Join the Discussion!

Posted-In: Coronavirus Covid-19 cruise linesNews Guidance Offerings Travel General Best of Benzinga

Need corporate guidance data?
Click here to see licensing options.
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com