Why Carnival Stock Popped on Tuesday
On a modestly green day for the stock market, with the S&P 500 just dipping its toe into positive territory as of 10 a.m. ET, shares of cruise stock company Carnival Corporation (NYSE: CCL) (NYSE: CUK) are doing better than most, up 2.8%.
Carnival announced last night that it has closed a previously announced debt exchange, and this appears to be what investors are cheering.
It's hardly groundbreaking news, but it is good news. For "no upfront cost," Carnival has successfully exchanged $339 million worth of convertible senior notes due in early 2023, on which it was paying 5.75% interest, for $339 million in other convertible senior notes that pay the exact same interest rate.
Source Fool.com
