Carnival Corp CCL and Norwegian Cruise Line Holdings Ltd NCLH shares are trading lower Wednesday afternoon. Shares of cruise companies are trading lower in sympathy with Carnival, which fell after announcing an offering of $1 billion in convertible senior notes.
What Happened?
Carnival announced a private offering of $1 billion of convertible senior notes due 2027. The company plans to use the offering as part of its 2024 refinancing plans.
See Also: Why DLocal Stock Is Falling Over 40% Wednesday
Carnival said it plans to grant the initial purchasers an option to purchase up to an additional $150 million of convertible notes. The company expects to use the net proceeds of the offering to make principal payments on debt and for general corporate purposes.
According to data from Benzinga Pro:
- CCL is trading lower by 13.68% to $9.62
- NCLH is lower by 3.42% to $17.67
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