Carnival Corporation today announced that Carnival Corporation has commenced an underwritten public offering of $1 billion of shares of common stock of the corporation, according to a press release.

The Corporation expects to use the net proceeds from the offering for general corporate purposes.

Goldman Sachs & Co. LLC is acting as sole bookrunner and underwriter for the proposed public offering, the company said.

Monday saw Carnival stock close at $25.97, its highest price in 50 weeks.

Carnival’s monthly average cash burn rate for the fourth quarter 2020 was $500 million, which was slightly better than expected due to the timing of capital expenditures. The company expects the monthly average cash burn rate for the first quarter 2021 to be approximately $600 million.