Carnival Corp. may have had to pay a higher interest rate on the bonds it's sold this year if the Federal Reserve had not said it would lend to and buy bonds from companies with investment-grade debt, The Wall Street Journal's Matt Wirz reported on Sunday.

As Carnival canceled cruises and issued refunds, it reportedly tasked investment banks like JPMorgan with helping it find $4 billion to $6 billion in new funding.

One proposal from a group of hedge funds included debt with an interest rate of over 15% and a possible ownership stake in Carnival, according to The Wall Street Journal.

After the Federal Reserve increased the size of its lending program on March 23, Carnival raised over $6 billion in debt and equity, including traditional and convertible bonds carrying interest rates of 11.5% and 5.75%, respectively

Carnival declined Business Insider's request for comment.

Do you work in the cruise industry? Do you have an opinion on how your company or the industry as a whole has handled the coronavirus? Email this reporter at mmatousek@businessinsider.com.

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Carnival Corp., which has sold nearly $6 billion of traditional and convertible bonds this year, might have had to issue debt at a higher interest rate if the Federal Reserve had not announced on March 23 that it would lend to and buy bonds from companies with investment-grade debt, The Wall Street Journal's Matt Wirz reported on Sunday, citing "investors and others involved in the company's financial decision making over the past six weeks."

Carnival declined Business Insider's request for comment.

As the novel coronavirus spread across the globe, forcing Carnival and its competitors to halt new sailings and give refunds to some customers, David Bernstein, Carnival's CFO, determined that the company's expenses would amount to $1 billion per month, according to The Wall Street Journal's report. While the company was able to draw down $3 billion from its credit lines, its stock and bond prices were falling, potentially making it harder to raise more money.

Carnival enlisted investment banks like JPMorgan to help it find $4 billion to $6 billion in new funding, The Wall Street Journal reported. JPMorgan reportedly landed on a group of hedge funds: Apollo, Centerbridge Partners, Elliott, GSO Capital Partners, and Oaktree Capital Management. The group's proposal included debt with an interest rate of over 15% and a possible ownership stake in Carnival, according to The Wall Street Journal.

After the Federal Reserve increased the size of its lending program in March, JPMorgan was reportedly able to find new buyers for Carnival debt. The cruise company eventually raised over $6 billion in debt and equity, with the traditional and convertible bonds carrying interest rates of 11.5% and 5.75%, respectively. Earlier this month, Carnival CEO Arnold Donald said the company has enough money to survive a scenario in which it earns no revenue for the rest of this year. Some of the company's brands have canceled cruises until July or August, as all cruise lines face a ban on sailing in US waters that could last until July.

Do you work in the cruise industry? Do you have an opinion on how your company or the industry as a whole has handled the coronavirus? Email this reporter at mmatousek@businessinsider.com.

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Read The Wall Street Journal's full story here.