By Dhirendra Tripathi

Investing.com – Carnival (NYSE:CCL) rose 1% Thursday on a stock swap repurchase program, revised terms for cheaper loans, and more cruises getting launched.

Carnival is undertaking a two-step exercise under which the U.S. company, Carnival Corp, is selling its equity to raise up to $500 million in an at-the-market offering.

Carnival Corp could use the same money to buy 18.38 million shares of U.K.-based Carnival Plc (LON:CCL), an effort that could go on till January 31 next year.

The U.S. unit intends to sell the shares in the offering only when the ordinary shares of Carnival Plc are trading in a U.K. market at a discount to shares of common stock of Carnival Corp. As a result, both would derive an economic benefit from the offering and the use of proceeds.

Carnival has also negotiated with its banks to reduce interest on its two loans with $1.86 billion and 800 million euros (approximately $952 million) in principal.

The cruise operator today reiterated that sailings for Alaska will depart July 25.

Related Articles

Carnival Gains On Share Swap Buyback, Revised Term Loan And Cruises

BoE sees no evidence yet to support climate capital charges on banks

Fendi teams up with Thelios as LVMH focuses on eyewear

(305) 707 0888