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...
(Bloomberg) -- Cruise line operator Carnival Corp. is turning to all corners of the capital markets to raise $6 billion of cash after the Covid-19 pandemic halted travel, bringing its business to a near standstill.The company is tapping bond investors on both sides of the Atlantic with a $3 billion sale of secured notes in U.S. dollars and euros, according to people with knowledge of the matter who asked not to be identified because the details are private. The new notes will be secured by a first-priority claim on the company’s assets and mature in three years, the people said.Carnival said it also plans to raise $1.25 billion by issuing common shares and another $1.75 billion through the sale of convertible notes to improve its liquidity position.President Donald Trump asked Carnival and other major cruise line operators to stop sailing this month after a series of coronavirus outbreaks at sea raised...
(Bloomberg) -- Cruise line operator Carnival Corp. is turning to all corners of the capital markets to raise $6 billion of cash after the Covid-19 pandemic halted travel, bringing its business to a near standstill.The company is tapping bond investors on both sides of the Atlantic with a $3 billion sale of secured notes in U.S. dollars and euros, according to people with knowledge of the matter who asked not to be identified because the details are private. The new notes will be secured by a first-priority claim on the company’s assets and mature in three years, the people said.Carnival said it also plans to raise $1.25 billion by issuing common shares and another $1.75 billion through the sale of convertible notes to improve its liquidity position.President Donald Trump asked Carnival and other major cruise line operators to stop sailing this month after a series of coronavirus outbreaks at sea raised...
British American Tobacco (BTI) said on Tuesday it priced a debt offering of $2.4 billion notes and intends to use the proceeds for general business purposes, including paying off upcoming maturities.The maker of Lucky Strike and Dunhill cigarettes said it expected the issuance to close on April 2.“COVID-19 is developing rapidly. We are fortunate that our business is resilient and is supported by a geographically diversified supply chain from both a manufacturing and distribution standpoint,” British American Tobacco Chief Executive Officer Jack Bowles said on March 18. “As yet, we have seen no material impact.”With a Buy rating from two Wall Street analysts covering the company in the last three months, the stock is a Moderate Buy. The $50 average price target suggests a potential 51% upside in the share price in the next 12 months. (See British American Tobacco stock analysis on TipRanks)The joint book-running managers for the proposed offering...
