Carnival Corporation & plc Announces Its Intention to Voluntarily Delist Its 1.000% Senior Unsecured Notes Due 2029 From the NYSE and Its 7.875% Debentures Due 2027 From the LSE and Relist the Notes and Debentures on the International Stock Exchange

Rhea-AI Summary

Carnival (NYSE/LSE: CCL) announced voluntary delisting of its 1.000% Senior Unsecured Notes due 2029 from the NYSE and cancellation of the 7.875% Debentures due 2027 from the FCA Official List and LSE.

Both securities were re-listed on The International Stock Exchange (TISE) on March 2, 2026. Carnival plc plans to file a Form 25 around March 30, 2026, with the Notes delisting effective on or about April 9, 2026. Carnival Corporation expects Debentures listing cancellation effective on or around April 20, 2026. Actions are tied to the proposed DLC Unification and re-registration of Carnival plc as a private UK company.

Positive

• Notes re-listed on TISE on March 2, 2026
• Debentures re-listed on TISE on March 2, 2026
• Debentures principal amount: $192,000,000
• Company will continue SEC reporting until registration termination

Negative

• Notes delisting from NYSE effective on or about April 9, 2026
• Debentures listing cancellation from FCA/LSE effective on or around April 20, 2026
• Delisting actions occur in connection with proposed DLC Unification

News Market Reaction – CCL

-3.29%

-3.29% Session close to close

In the Mar 20 session, CCL declined 3.29%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the voluntary delisting of Carnival’s 1.000% Notes due 2029 from the NYSE ...

Analysis

This announcement details the voluntary delisting of Carnival’s 1.000% Notes due 2029 from the NYSE and its 7.875% Debentures due 2027 from the LSE, with both instruments already re-listed on TISE. The moves are explicitly connected to the proposed DLC unification and future re-registration of Carnival plc as a private UK company. Set against a backdrop of recent itinerary expansions, brand programming, and upcoming Q1 results, the update underscores ongoing simplification of the group’s capital markets footprint and corporate structure. Investors may track execution against the published unification timetable and related regulatory steps.

Key Figures

Coupon rate (Notes): 1.000% Coupon rate (Debentures): 7.875% Debentures principal: $192,000,000 +5 more

8 metrics

Coupon rate (Notes) 1.000% Senior Unsecured Notes due 2029

Coupon rate (Debentures) 7.875% Debentures due 2027

Debentures principal $192,000,000 7.875% Debentures due June 1, 2027

Notes maturity year 2029 Senior Unsecured Notes due 2029

Debentures maturity date June 1, 2027 7.875% Debentures due 2027

TISE listing date (Notes) March 2, 2026 Notes listed on The International Stock Exchange

Expected Notes delisting date April 9, 2026 Anticipated NYSE delisting effectiveness for Notes

Expected Debentures delisting date on or around April 20, 2026 Planned FCA and LSE cancellation for Debentures

Historical Context

5 past events · Latest: Mar 19 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 19	Cruise programming update	Positive	+3.2%	Announced Seabourn Conversations speaker lineup for 2027 World Cruise.
Mar 19	Itinerary expansion	Positive	+3.2%	Princess Cruises unveiled new 2026 North to Alaska experiences.
Mar 17	Earnings call scheduled	Neutral	+1.5%	Set date and time for Q1 2026 earnings conference call.
Mar 12	Alaska land program	Positive	+0.3%	Seabourn introduced The Denali Experience for 2027–2028 voyages.
Mar 10	World cruise launch	Positive	-0.7%	Princess announced a 115-day 2028 World Cruise on Coral Princess.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news skewed toward product and itinerary announcements has generally seen modestly positive price reactions, with one instance of a slight selloff despite upbeat cruise deployment news.

Recent Company History

Over the last few weeks, Carnival’s news flow has focused on itinerary expansion and brand programming, alongside preparation for upcoming earnings. Announcements about Seabourn’s 2027 World Cruise and the Denali Experience, plus Princess Cruises’ new Alaska and 2028 World Cruise offerings, highlighted long-duration voyages and destination-rich experiences, often coinciding with small positive moves of up to 3.23%. A conference call scheduled for March 27, 2026 sets the stage for Q1 results. Today’s debt delisting and relisting update fits into a broader period of corporate and capital-structure housekeeping ahead of the proposed DLC unification.

Key Terms

senior unsecured notes, debentures, form 25, securities and exchange commission, +2 more

6 terms

senior unsecured notes financial

"its intention to voluntarily delist its 1.000% Senior Unsecured Notes due 2029"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

debentures financial

"its 7.875% Debentures due 2027 from the "LSE""

A debenture is a company’s long-term IOU sold to investors that promises regular interest payments and repayment of principal at a set date; unlike equity, it represents debt rather than ownership. Think of it like lending money to a business in exchange for a fixed stream of payments, so investors watch a debenture’s interest rate and the borrower’s financial health to judge income reliability and risk of not being repaid.

form 25 regulatory

"intends to file a Form 25 with the Securities and Exchange Commission"

A Form 25 is an official filing with the U.S. Securities and Exchange Commission used to remove a company's stock or other security from a national exchange list. Investors should care because delisting often means less visibility, lower trading volume and wider price swings—similar to a product moving from a major supermarket to a small local market, which can make buying, selling and valuing the security more difficult.

securities and exchange commission regulatory

"file a Form 25 with the Securities and Exchange Commission"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

dual-listed company financial

"proposed unification of its dual-listed company arrangement under a single company"

A dual-listed company is a business whose shares trade on two separate stock exchanges, often in different countries, so the same economic ownership can be bought in more than one market. For investors this matters because it can make shares easier to buy and sell and expose the stock to different pools of buyers, currencies and rules, which can affect liquidity, price moves and regulatory or tax risks — like a store that sells the same product in two shopping districts with different customers and rules.

international stock exchange financial

"The Notes and the Debentures have been re-listed on The International Stock Exchange"

An international stock exchange is a regulated marketplace located outside an investor’s home country where buyers and sellers trade stocks and other financial instruments from companies around the world, much like a global shopping mall for shares. It matters because it gives investors access to different industries, growth opportunities and currencies, while also introducing extra rules, time-zone differences and political or currency risks that can affect returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MIAMI, March 20, 2026 /PRNewswire/ -- Carnival plc announced today its intention to voluntarily delist its 1.000% Senior Unsecured Notes due 2029 (the "Notes") from the New York Stock Exchange (the "NYSE"). In addition, Carnival Corporation announced today its intention to delist its 7.875% Debentures due 2027 (the "Debentures") from the Official List of the UK Financial Conduct Authority (the "FCA") and the London Stock Exchange (the "LSE"). The Notes and the Debentures have been re-listed on The International Stock Exchange ("TISE").

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) is delisting the Notes from the NYSE and the Debentures from the LSE in connection with the previously announced proposed unification of its dual-listed company arrangement under a single company, Carnival Corporation Ltd., with Carnival plc as its wholly owned UK subsidiary (the "DLC Unification"). As part of the proposed DLC Unification, Carnival plc will subsequently be re-registered as a private limited company in the UK.

Delisting of 1.000% Senior Unsecured Notes due 2029

Carnival plc intends to voluntarily delist the Notes (NYSE: CUK29) from the NYSE. On March 2, 2026, it completed the listing of the Notes on TISE, where Carnival Corporation's and Carnival plc's other debt securities are listed.

Carnival plc intends to file a Form 25 with the Securities and Exchange Commission ("SEC") on or about March 30, 2026 in connection with the delisting of the Notes. Carnival plc anticipates that the delisting of the Notes will be effective on or about April 9, 2026. Following the delisting of the Notes, Carnival plc will continue to meet its SEC reporting obligations until such time as Carnival plc is permitted to terminate the registration of its securities under SEC rules, which is expected to occur promptly following completion of the proposed DLC Unification.

Delisting of 7.875% Debentures 2027

Carnival Corporation¹ has today given notice to holders of the $192,000,000 7.875% Debentures, due June 1, 2027 (ISIN US693070AD69 / Common Code 026179513 / CUSIP 693070AD6) (the "Debentures") that it intends to cancel the listing of the Debentures on the Official List of the FCA and to cancel the admission to trading on the regulated market of the LSE.

The Debentures were listed on TISE on March 2, 2026.

Carnival Corporation will request the FCA to cancel the listing of the Debentures and the LSE to cancel the admission to trading with effect from on or around April 20, 2026.

A copy of the notice to holders of the Debentures is available on our website under Governance and then Legal Notices at https://www.carnivalcorp.com/legal-notices/.

A copy of the notice to holders of the Debentures has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.

For more information, please visit www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruises.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com, www.princess.com and www.seabourn.com.

Carnival Corporation LEI Number: F1OF2ZSX47CR0BCWA982

Carnival plc LEI Number: 4DR1VPDQMHD3N3QW8W95

¹ Carnival Corporation substituted Carnival plc as issuer of the Debentures on December 1, 2003, and therefore assumed all obligations of the issuer in respect of the Debentures.

Forward-Looking Information

This press release contains statements herein regarding the debt securities and the proposed DLC Unification and Redomiciliation that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this document, other than statements of historical fact, are forward-looking statements that may be identified by the use of words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. Such forward-looking statements are based upon current beliefs, expectations and discussions and are subject to significant risks and uncertainties that could cause actual results to differ materially from the results expressed in such statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including: the ability to obtain governmental and court approvals of the transactions on the proposed terms and schedule, the failure of Carnival Corporation and Carnival plc shareholders to approve the transactions, the effects of industry, market, economic, political or regulatory conditions outside of the parties' control and the parties' ability to achieve the benefits from the proposed transactions. Additional factors that may affect future results are contained in Carnival Corporation's and Carnival plc's filings with the SEC, including Carnival Corporation's and Carnival plc's most recent joint Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC's website http://www.sec.gov. The information set forth herein speaks only as of the date hereof, and, except to the extent legally required, any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof is hereby disclaimed.

Disclaimer - Intended Addressees

Please note that the information contained in the notice may be addressed to and/or targeted at persons who are residents of particular countries only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the notice is not addressed. Prior to relying on the information contained in the notice, you must ascertain from the Listing Particulars whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirements.

 

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SOURCE Carnival Corporation & plc

FAQ

What does Carnival's (CCL) delisting of the 1.000% Notes due 2029 mean for investors?

The Notes (CUSIP/ID: NYSE: CUK29) will be removed from the NYSE, reducing exchange listing on or about April 9, 2026. According to the company, the Notes were re-listed on TISE on March 2, 2026 and will remain traded there.

When will Carnival (CCL) cancel the listing of its 7.875% Debentures due 2027 on the LSE?

Carnival expects the Debentures listing on the FCA Official List and LSE admission to be cancelled on or around April 20, 2026. According to the company, the Debentures were listed on TISE on March 2, 2026.

Why is Carnival (CCL) moving its Notes and Debentures to The International Stock Exchange (TISE)?

Carnival is relisting the securities on TISE as part of its corporate reorganization tied to DLC Unification. According to the company, both the Notes and Debentures were listed on TISE on March 2, 2026.

Will Carnival plc stop SEC reporting after the Notes are delisted (CCL/CCK)?

Carnival plc will continue its SEC reporting obligations after the Notes delist and expects to terminate registration promptly after DLC Unification. According to the company, termination is expected following completion of the proposed unification.

How can holders of Carnival's (CCL) 7.875% Debentures access the notice to holders?

A notice to holders is available on the company's website under Governance > Legal Notices and was submitted to the UK National Storage Mechanism. According to the company, the notice will be inspectable via the FCA data portal.