Carnival Corporation & plc announced that it will voluntarily delist its 1.000% Senior Unsecured Notes due 2029 from the New York Stock Exchange and its 7.875% Debentures due 2027 from the Financial Conduct Authority and the London Stock Exchange. The notes will be removed from the NYSE on or about April 9 2026, and the debentures will be withdrawn from the FCA and LSE on or around April 20 2026. Both instruments will be relisted on the International Stock Exchange (TISE) once the delisting procedures are complete.
The move to TISE is driven by the exchange’s lower listing fees, streamlined regulatory requirements, and tax advantages for UK‑listed debt. TISE’s “Quoted Eurobond Exemption” allows Carnival to avoid certain EU market‑abuse regimes, reducing compliance costs and administrative overhead. By consolidating its debt listings on a single, cost‑efficient venue, Carnival expects to lower ongoing expenses and simplify investor access to its fixed‑income securities.
This delisting is part of Carnival’s broader plan to unify its dual‑listed structure into a single parent company, Carnival Corporation Ltd. The unification will streamline governance, reporting, and regulatory compliance across the U.S. and U.K. operations. Consolidating the debt listings supports this goal by removing the need to maintain separate listings for the same instruments on multiple exchanges.
Carnival has been actively refinancing its debt, having raised more than $11 billion since January 2025. The 2029 notes and 2027 debentures were issued in 2019 and 2021, respectively, and the company’s refinancing strategy has focused on extending maturities, reducing coupon costs, and improving its leverage profile. By moving these securities to TISE, Carnival continues to pursue a leaner balance sheet and a more predictable debt‑service cost structure.
For investors, the delisting does not alter the terms of the debt or the company’s ability to meet its obligations. The change is purely procedural, aimed at reducing costs and improving liquidity for holders of the notes and debentures. The relisting on TISE is expected to provide a more focused trading platform for these instruments, potentially enhancing secondary‑market activity without affecting the underlying credit risk or coupon payments.
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