shares of carnival corp fell after the company sought to capitalize on a runup in its stock price by raising cash through a 1 billion offering of convertible debt part of a 2024 refinancing plan by the cruise operator carnival stock fell almost 13 in premarket trading to 974 a share shares closed tuesday at 1116 a share up almost 83 from its oneyear low of 611 a share which it touched on oct 11 the stock is still down more than 44 this year the fall comes after carnival said tuesday evening that it had commenced a private offering of 1 billion aggregate principal amount of its 575 convertible senior notes due 2027 the initial conversion rate of the notes is equivalent to a share price of 1339 a roughly 20 premium over tuesdays closing price the company said the notes will be guaranteed on a senior unsecured basis carnival said the company said it expects to use the proceeds of the offering to make principal payments on debt and for general purposes carnival said the notes include a cashredemption provision if carnival stock price exceeds 1741 beginning on or after dec 5 2025 the company said it can redeem for cash all or some of the notes if the stock price exceeds 130 of the conversion price then in effect for at least 20 trading days during the 30 consecutive trading day period ending on and including the trading day immediately preceding the date on which the company provides notice of redemption the redemption price would be equal to the principal amount of the note being redeemed plus accrued and unpaid interest to the redemption date carnival said the company said it has granted the initial purchasers of the notes an option to buy an additional 150 million aggregate principal amount of convertible notes by nov 30 write to will feuer at willfeuerwsjcom