Saudi Arabia Acquires 8 Percent Stake in Carnival Corp

The sovereign wealth fund of Saudi Arabia, The Public Investment Fund (PIF) has acquired an 8.2 percent stake in Carnival Corp.

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Citing the cruise giant's securities filing on Monday, Travel Weekly reports that PIF purchased 43.51 million Carnival shares in a transaction worth approximately $370 million.

Carnival temporarily suspended cruise operations last month along with rival companies due to the global impact of coronavirus (COVID-19) and has seen its stock fall by about 80 percent since mid-January.

Carnival has been successful in raising funds to combat the crisis but it'll come at a cost. The company announced that it's paying 11.5 percent interest on $4 billion in three-year senior secured notes and 5.75 percent interest on $1.75 billion in three-year senior convertible notes.

The world's largest cruise operator with a combined fleet of more than 100 ships, Carnival's portfolio includes the namesake Carnival Cruise Line as well as Princess Cruises, Holland America Line, Seabourn, P&O Cruises (Australia), Costa Cruises, AIDA Cruises, P&O Cruises (UK) and Cunard.