Saudi Arabia buys a piece of Carnival Corp.

The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has acquired an 8.2% stake in Carnival Corp.

According to Carnival Corp.’s securities filing on Monday, Saudi Arabia acquired 43.51 million Carnival shares. Carnival’s closing stock price of $8.49 last Friday makes the transaction worth about $370 million.

With the news, Carnival Corp.’s share price increased 22% on Monday afternoon. The company’s stock has fallen about 80% since mid-January.

Like other cruise companies, Carnival Corp. has paused its operations since mid-March due to the Covid-19 pandemic. Cruising has been suspended through the middle of May.

Carnival Corp. last week shored up its liquidity, securing about $500 million from a stock sale and about $5.75 billion on the bond market.

Carnival Corp. borrowed at a high cost. The company is paying 11.5% interest on $4 billion in three-year senior secured notes and 5.75% interest on $1.75 billion in three-year senior convertible notes.