Just happened to catch it on BLOOMBERG....details sketchy but they want to float (excuse the pun) ANOTHER 600m in "unsecured" junk bonds. its the 5th time they're doing it, and not sure who would have the "appetite" for such an offering. Some of this is above my paygrade. but i just don't see how they're going to survive this. If they do, an inside cabin would require a second mortgage...

28 Answers

From the Miami Herald last month (Jan 11, 2021).

Carnival Corporation has enough cash to survive a cruise-less 2021, CEO Arnold Donald told investors Monday. The company reported a net loss of $2.2 billion during the final quarter of 2020 but ended the year with $9.5 billion in liquidity, enough to endure at least 12 more months without cruises, Donald said.

Another article stated their cash burn is about $500m per month. I assume that's for all debt obligations, including everything from debt service to paying the light bill, but I admit I could be wrong about that. By those calculations they could still end the year with $3.5B in cash. ($500m x 12 months = $6B and $9.5B - $6B = $3.5B).

OK, since they announced they have all this cash and can pay the bills through the end of this year (their words), my question is why did they need to raise another $3.5B? Obviously I don't know, but I can speculate. I wonder if they're planning to take a stake or controlling interest in another cruise line. Call me nuts (probably true) but I wonder if they have NCL (or one of their brands) in their crosshairs.

Beginning to sound like one of the financial blogs I'm in...they're fun, as long as you don't risk r/l $$ based on what you read in many ships they have in the pipeline?

Nice theory.

Just announced they (Carnival) are going after another $1B through a public stock offering. They're already adding to that $3.5B they got last month. I keep wondering why. Call me nuts (again) but I still think they're positioning themselves to either snap up another line, or at least take a stake in one.

This would be the perfect time to snatch up another cruise line if they have their ducks in a row with the CDC and feel confidant in sailing by a certain date. I would think they are starting to see the light at the end of the tunnel if they can withstand the financial losses until they are comfortable cruising again.

That's what I would do if I were CEO. I'll bet there are a few bargains to be had out there.

I don't think they could afford buying NCL outright (and not without running afoul with the FTC), but they would probably be able to pick off one of their brands (Oceania or Regent). especially if NCL is in as bad of shape as I believe they are. I think they are hurting the worst of the major lines.

I admit it's all speculation. For all I know CCL may just be raising the money because they are in deeper financial trouble then they let on. Or maybe just because they can.

You guys sound just like my financial blogs....hehehehehe....mebbe they're in cahoots with to the moon??? know what it COSTS to borrow this kind of $$ with NO collateral? how much has NCL actually borrowed??? THEN we can have discussions about who might buy who??/ fun ain't it??? its MORE fun later in the me.....


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