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Cruise Stocks Fall After Carnival Sells $1 Billion of Shares

  • Offering prices at steeper discount than firm’s prior deals
  • Carnival may use proceeds to address 2023 debt maturities
Carnival ‘Panorama’ cruise ship docked in Long Beach, California.

Carnival ‘Panorama’ cruise ship docked in Long Beach, California.

Photographer: Patrick T. Fallon/Bloomberg
Updated on

Carnival Corp. is leading peers lower on Thursday after pricing one of the year’s largest equity sales at a steeper discount than usual.

The world’s largest cruise line fell 13% after the sale priced 102 million of shares at $9.95 each overnight, according to a statement. The deal raised about $1 billion that Carnival says it might use to address 2023 debt maturities.