The world’s largest cruise operator Carnival Corp. placed shares for $ 1 billion to raise funds, in particular, to pay off debt.

The company said it sold about 102.14 million new shares at a price of $9.95.

The capital raised will be used for general corporate purposes, including repayments on debt obligations maturing in 2023.

Carnival shares lost nearly 13% in early trading on Thursday. Since the beginning of this year, their value has fallen by 45%.