Beleagured cruise ship company Carnival to raise $6 billion in stock and debt, shares jump

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Carnival Cruise Line’s Fascination ship.

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Carnival is issuing $6 billion in stock and debt as the beleaguered cruise ship company tries to shore up its finances after suspending operations following COVID-19 outbreaks on at least three of its ships. 

The company said Tuesday it plans to issue $1.25 billion in stock, $3 billion in secured notes and $1.75 billion in convertible notes all due 2023. Carnival’s stock dropped by about 15% in premarket trading after the announcement, but recovered after the markets opened and was up more than 9% at midday.

“We cannot predict when any of our

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