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After-Hours Alert: Why Carnival Stock Is Sinking

Benzinga · 11/15/2022 17:46

Carnival Corp (NYSE:CCL) shares are trading lower in Tuesday's after-hours session after the company announced an offering of convertible senior notes.

What To Know: Carnival announced a private offering of $1 billion of convertible senior notes due 2027. The company plans to use the offering as part of its 2024 refinancing plans.

Carnival said it plans to grant the initial purchasers an option to purchase up to an additional $150 million of convertible notes. The company expects to use the net proceeds of the offering to make principal payments on debt and for general corporate purposes.

Carnival is one of the world's largest leisure travel companies with a portfolio of nine cruise lines.

Check This Out: U.S. News Announces the 2023 Best Cruise Lines

CCL Price Action: Carnival has a 52-week high of $23.86 and a 52-week low of $6.11.

The stock was down 13.6% in after hours at $9.64 at time of publication, according to Benzinga Pro.

Photo: courtesy of Carnival.