Carnival Corp. is selling $2.4 billion of new junk bonds to refinance debt the cruise ship company took on last year, when it was forced to pay high interest rates amid doubts about its ability to weather the pandemic.
Pricing discussions on the new debt are in the 4%-4.25% range and reflect the strong demand for high-yield bonds as investors hunt for bigger returns. That would slash borrowing costs for Carnival because the proceeds will fund an offer to buy back about half of the 11.5% coupon debt the company issued in April 2020.
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July 21, 2021 at 07:36PM
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Carnival Selling $2.4 Billion Bond to Buy Back Costly Debt - Bloomberg
"selling" - Google News
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