Why Carnival's Shares Fell 5.1% on Thursday

Shares of Carnival (NYSE: CCL) fell as much as 5.1% on Thursday after the company announced an exchange of equity for debt with investors. At 12:50 p.m. EDT today, shares were down 2.8%.

Carnival announced that it registered a direct offering of 99.2 million shares of common stock that will go to holders of $885.6 million of 5.75% convertible senior notes due in 2023. The deal won't result in any cash proceeds for Carnival but does reduce the company's debt load.

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Source Fool.com