Royal Caribbean Cruises (RCL) is planning to raise $3.3 billion from a bond sale as the ailing cruise operator struggles with the financial fallout of the coronavirus-related travel restrictions which brought its operations to an almost complete halt.The embattled cruise operator is offering series of notes due 2023 and 2025, which will be secured by 28 of the company's vessels, it said in a SEC filing. The proceeds of the $3.3 billion secured note issuance will be used to refinance the cruise operator’s existing $2.4 billion 364-day secured facility that matures in March 2021 with the balance being held for liquidity purposes.“The incremental $1 billion will bolster the company's liquidity position and ensure the company can get through the next year even with operations remaining suspended,” Moody’s Investors Service said in a report.Moody’s slashed Royal Carribean’s credit rating by two notches to Ba2 into junk territory with a negative outlook due...
(Bloomberg) -- Wirecard AG said it still expects full-year earnings to rise, even as some business customers struggle with the lockdown.Earnings before interest, taxes, depreciation and amortization will be 1 billion euros ($1.1 billion) to 1.2 billion euros in 2020, the company said in its preliminary first-quarter earnings statement on Thursday. Adjusted first-quarter ebitda rose 29% to about 204 million euros.The German payment processor didn’t further address an inconclusive audit by KPMG released last month that was meant to clear the company of accusations about its accounting practices. Chief Executive Officer Markus Braun has dismissed calls to step down instead saying the company will implement sweeping measures to improve compliance and control.Key InsightsThe company has said it would expand its management board to seven members and appoint a chief compliance officer. On Wednesday, it appointed Joerg Brand, First Data GmbH’s former management board spokesman and head of sales, to oversee Wirecard’s...
For weeks, hopes that massive stimulus from the Federal Reserve and U.S. government would set the stage for a recovery later in the year fueled a blistering rebound in stocks even as the worst drop-off in jobs since the Great Depression slammed the economy. After surging over 30% in just over a month, the S&P 500 benchmark stock index has edged down about 4% since late April. In contrast, bond funds have notched inflows for four consecutive weeks, drawing nearly $47 billion, the bank said....
For weeks, hopes that massive stimulus from the Federal Reserve and U.S. government would set the stage for a recovery later in the year fueled a blistering rebound in stocks even as the worst drop-off in jobs since the Great Depression slammed the economy. After surging over 30% in just over a month, the S&P 500 benchmark stock index has edged down about 4% since late April. In contrast, bond funds have notched inflows for four consecutive weeks, drawing nearly $47 billion, the bank said....
