Carnival plc & Carnival Corporation to Delist Notes & Debentures from NYSE & LSE

MIAMI, March 20, 2026 – Carnival Corporation & plc is streamlining its debt structure, announcing today its intention to delist certain notes and debentures from major exchanges and relist them on The International Stock Exchange (TISE). The move, impacting $192 million in debt securities, is directly linked to the company’s previously announced plan to unify its dual-listed corporate structure.

Debt Securities Affected

Specifically, Carnival plc intends to delist its 1.000% Senior Unsecured Notes due 2029 (the “Notes”) from the New York Stock Exchange (NYSE). Simultaneously, Carnival Corporation is planning to delist its 7.875% Debentures due 2027 (the “Debentures”) from both the Official List of the UK Financial Conduct Authority (FCA) and the London Stock Exchange (LSE). Both the Notes and Debentures have already been listed on TISE as of March 2, 2026.

The Notes, identified by the ticker symbol CUK29 on the NYSE, represent a portion of Carnival plc’s outstanding debt. The Debentures, with an ISIN of US693070AD69, a Common Code of 026179513, and a CUSIP of 693070AD6, total $192,000,000 and are currently held by investors in the UK and potentially elsewhere. Investing.com reports this relisting supports Carnival’s corporate unification plans.

Unification Driving the Change

The delisting and relisting are a direct consequence of Carnival’s ongoing efforts to consolidate its dual-listed company (DLC) arrangement. The company aims to create a single corporate entity, Carnival Corporation Ltd., with Carnival plc operating as a wholly-owned UK subsidiary. As part of this process, Carnival plc will be re-registered as a private limited company in the UK. This simplification is intended to streamline operations and reduce administrative complexity.

The DLC unification has been under discussion for some time, and this debt restructuring is a key procedural step in completing the process. The company anticipates that the delisting of the Notes will be effective around April 9, 2026, following the filing of a Form 25 with the Securities and Exchange Commission (SEC) on or about March 30, 2026. The Debentures are expected to be delisted from the FCA and LSE around April 20, 2026.

What This Means for Investors

Even as the exchanges where these debt securities are traded are changing, Carnival emphasizes that it will continue to meet its SEC reporting obligations for the time being. This means investors will still have access to financial information about the company, even after the delisting from the NYSE. However, once the DLC unification is complete, Carnival plc intends to terminate its SEC registration, potentially reducing the frequency and detail of public disclosures.

The move to TISE, a recognized exchange, is not expected to materially impact the trading of these securities for existing holders. TISE is increasingly used by companies seeking a more streamlined listing process and lower regulatory burden. Carnival Corporation’s news releases detail the procedural steps involved in the delisting and relisting process.

Carnival’s Broader Financial Picture

As of February 28, 2026, Carnival plc had 217,413,915 issued ordinary shares outstanding, each with a par value of US $1.66, according to a release from Carnival Corporation & plc. The company too holds 28,398,278 ordinary shares in Treasury. While the delisting of these specific debt securities doesn’t directly alter these figures, it reflects Carnival’s ongoing efforts to optimize its capital structure following the significant financial challenges posed by the COVID-19 pandemic.

The company, like others in the cruise industry, faced substantial disruption during the pandemic, leading to significant debt accumulation. This restructuring, alongside other cost-cutting measures and revenue-generating initiatives, is aimed at strengthening its financial position and positioning it for future growth.

Regulatory and Procedural Steps Ahead

Carnival Corporation will request the FCA to cancel the listing of the Debentures and the LSE to cancel the admission to trading. A notice to holders of the Debentures is available on the company’s website under the Governance and Legal Notices sections: https://www.carnivalcorp.com/legal-notices/. The notice has also been submitted to the National Storage Mechanism and can be inspected at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. These filings are standard procedure for delisting securities and ensure transparency for investors.

The completion of the DLC unification and the subsequent re-registration of Carnival plc as a private limited company will require further approvals from regulatory bodies and potentially shareholder votes. The timeline for these steps remains subject to change, but Carnival is aiming to finalize the process in the coming months.

Looking Ahead: Investors should monitor Carnival’s SEC filings and announcements for updates on the DLC unification and any potential changes to the company’s financial reporting obligations. The successful completion of this restructuring is a key step in Carnival’s long-term strategy to rebuild its financial strength and capitalize on the recovery in the cruise industry.