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Carnival pays a high price to stay financially afloat

The good news is that Carnival Corp. and plc has raised $6.25 billion by issuing new debt and shares. The bad news is the steep price it paid for doing so.

The world’s largest cruise company said it issued $4 billion in bonds with a yield at par of 11.5 percent, maturing in 2023.  Last October it only paid 1 percent in a 600 million euro offering.

The company raised $500 million by issuing 62.5 million shares (NYSE: CCL) at $8 a share. Shares were trading at $8.16 at noon on Thursday. The company shares traded at $51 as recently as Jan. 17.

Meanwhile, Carnival remained in the coronavirus headlines over the fate of two of its Holland America ships.

An 11:45 a.m. advisory from Port Everglades said the  Zaandam and Rotterdam are listed on the Port Everglades ship schedule Thursday to hold the berths open. Details for the conditions of arrival were still being finalized.

A ship tracker showed both ships off Pompano Beach at noon.

A final deal was being worked out to handle 10 critically ill patients on the Zaandaam at Broward Health system hospitals while 45 who have a mild illness are expected to stay on the ship, the Sun-Sentinel reported.  There have been four deaths aboard the Zaandam.

 

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.