Why Carnival Stock Was all wet on Wednesday
Shares of cruise ship operator Carnival (NYSE: CCL)(NYSE: CUK) hit rough seas on Wednesday. Investors traded out of both of the company's U.S.-listed shares on the day following news that an upcoming debt issue is going to be larger than previously expected.
Well after market hours on Tuesday, Carnival announced that it has upsized its latest issue of debt securities. Instead of offering $1.25 billion worth of senior priority notes as originally planned, the cruise line bellwether is set to sell a total of $2.03 billion.
The particulars of the notes remain the same; their annual interest rate is 10.375%, and they mature on May 1, 2028. The interest is to be paid semi-annually on May 1 and Nov. 1 of each year.
Source Fool.com
