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Stock impact report

Cruise operator Carnival pays high price to get credit investors on board: sources [Reuters]

Yum! Brands, Inc. (YUM) 
Last yum! brands, inc. earnings: 4/29 07:00 am Check Earnings Report
US:NYSE Investor Relations: yum.com/investors
Company Research Source: Reuters
Cruise operator Carnival pays high price to get credit investors on board: sources (Reuters) - Carnival Corp ( CCL.N ), the world’s largest cruise operator, raised $6.25 billion by issuing new debt and equity on Wednesday, borrowing at a high cost to weather the economic storm of the coronavirus pandemic, people familiar with the matter said. Despite having its cruise ships idled to comply with travel restrictions to combat the virus, Carnival was able to attract enough investors that its capital raising was oversubscribed several times over, albeit at a steep price, the sources said. The company priced $4 billion in bonds maturing in 2023 — upsized from the $3 billion originally planned — with a yield at par value of 11.5%, one of sources said. By comparison, Carnival paid a 1% yield in October, when it borrowed 600 million euros ($657.7 million) in the European debt market. Moreover, Carnival had to use its ships as collateral to attract bond investors on Wednesday. The company al Show less Read more
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