Facing an extended pause on all global cruise operations, Carnival (CCL 0.13%) is taking aggressive steps to shore up its cash position.

The leading cruise giant said on Tuesday that it is issuing $1.25 billion of stock while also taking on nearly $5 billion of additional debt. The new liabilities will be due in 2023.

A cruise ship anchored by an island.

Image source: Getty Images.

Carnival said only that the cash will be used for "general corporate purposes," but those needs likely include all of the fixed costs associated with maintaining a fleet of over 100 cruise ships that have been sitting idle for over a month.

The pause in sailings, due to the COVID-19 outbreak and related restrictions on group gatherings, has already been extended into mid-May for several of Carnival's brands. As a result, the company is working to secure financing that will keep the business afloat during this unprecedented sales disruption.

The company warned investors that the situation threatens significant and widespread harm to the business even with its boosted cash position. "COVID-19 has had, and will continue to have, a materially adverse impact on our financial condition," executives explained, noting the outbreak "will continue to impact our results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity, and stock price."