Cruise liners were given a boost earlier this week after the Centers for Disease Control and Prevention lifted more Covid rules for ships.
Daniel Slim/AFP via Getty Images
Cruise line operator Carnival Corp. shares were poised to fall on Thursday after the company said it will sell $1 billion of new stock.
The stock traded down more than10% at $9.92 in the premarket. The company is selling the new shares at $9.95.
Carnival (ticker: CCL) said it will use the proceeds for general corporate purposes, which might include paying off debt maturing in 2023. Goldman Sachs (GS) is acting as the sole bookrunner.
The fundraising comes just after the Centers for Disease Control and Prevention ended requirements for cruise lines to report the number of Covid cases on ships, as well as rules for testing and vaccination for passengers.
While cruises are still bound by testing rules in each individual port or country, lifting the requirements was seen as a big step toward returning to a prepandemic normal for the industry. Carnival, Royal Caribbean (RCL) and Norwegian Cruise Line Holdings (NCLH) gained earlier this week on the news.
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