Carnival Sells $2 Billion Bonds Yielding 10.75% for Refinancing

Carnival Corp. bought $2 billion of bonds at a ten.75% yield, the newest borrower to pay as much as refinance a heavy debt load as fears of a recession mount.

The cruise line operator elevated the deal to $2 billion from $1.25 billion earlier, and priced the debt on the decrease finish of yields floated to buyers — an indication of robust demand. The worth is down from earlier talks as excessive as 11.5%. The bonds, which pay a coupon of 10.375%, have been bought at 98.465 cents on the greenback.

Carnival borrowed closely by means of the pandemic because the journey business got here …