Highest-materiality recent filing
Carnival completes DLC unification and redomiciliation to Bermuda; Carnival plc now a subsidiary
All Carnival plc shares exchanged 1-for-1 for Carnival Corporation Ltd. common shares; plc delisted from LSE and NYSE.
Carnival shareholders approve DLC unification and redomiciliation from Panama to Bermuda
Over 94% of scheme shares voted in favor at Court Meeting; 81.46% of shareholders approved.
Diluted EPS $0.19, adj. EPS $0.20 (+50% YoY); net income $258M, adj. net income $275M.
Carnival and Carnival plc agree to unify DLC structure and redomicile to Bermuda
Unification Agreement signed Feb 20, 2026; DLC to be unified under Carnival Corp with Carnival plc as wholly-owned UK subsidiary.
Carnival amends ADR deposit agreement; termination tied to planned unification of CCL and CUK
Amendment No. 1 to deposit agreement provides for automatic ADR termination upon consummation of Carnival Corp/plc unification and migration to Bermuda.
Carnival reports record FY2025 adjusted net income $3.1B, reinstates dividend, guides FY2026 $3.5B
FY adjusted net income $3.1B (+60% YoY) on record revenue $26.6B; adjusted EBITDA $7.2B.
Carnival closes $1.25B 5.125% notes offering, to redeem $2.0B 6.000% notes due 2029
$1.25B aggregate principal of 5.125% senior unsecured notes due 2029 issued, closing October 15, 2025.
Carnival launches $1.25B notes offering; to redeem $2B 6.000% notes due 2029
Private offering of $1.25B aggregate principal amount of new senior unsecured notes due 2029.
Carnival prices $1.25B 5.125% notes to redeem $2.0B 6.000% notes due 2029
Priced $1.25B aggregate principal of 5.125% senior unsecured notes due 2029.
Carnival Q3 net income $1.9B record, adjusted EPS $1.43 beat; raises FY25 outlook third time
Record Q3 net income $1.9B ($1.33 diluted EPS); adjusted net income $2.0B ($1.43 adjusted EPS), beating June guidance by $182M.
Carnival redeems $322M of 5.750% notes due 2027 on Aug 29
Notice issued for remaining $322M principal of 5.750% senior unsecured notes due 2027.
Carnival enters severance and restrictive covenant agreements with CEO, CFO, CHRO, and GC
CEO Josh Weinstein would receive 2x base salary plus 2x target bonus on qualifying termination; other officers get 1x base salary and 0.5x bonus.
Carnival closes $3.0B 5.75% note offering; redeems $2.4B 2027 notes, repays term loan
Issued $3.0B of 5.75% senior unsecured notes due 2032; interest payable semi-annually starting Feb 1, 2026.
Carnival plc closes €1.0B 4.125% senior unsecured notes; to repay secured term loans
€1.0 billion aggregate principal of 4.125% senior unsecured notes due July 15, 2031.
$2.0B aggregate principal of new senior unsecured notes expected to mature in 2032.
Carnival Corp prices $3.0B 5.75% notes due 2032; upsized to redeem $2.4B 2027 notes
$3.0B aggregate principal of 5.75% senior unsecured notes due 2032 priced; offering upsized.
Carnival plc prices €1.0B 4.125% senior unsecured notes due 2031 to repay secured term loans
€1.0B aggregate principal of 4.125% senior unsecured notes due July 15, 2031.
Carnival launches €1.0B senior unsecured notes offering due 2031 to repay secured term loans
€1.0 billion aggregate principal of new senior unsecured notes due 2031.
Carnival beats Q2 guidance; net income $565M, revs $6.3B, hits 2026 targets early
Adjusted net income $470M ($0.35 EPS) beat March guidance by $185M; net income $565M ($0.42 diluted EPS), ~$475M improvement YoY.
Carnival secures $4.5B revolver, up 50% from prior facility, maturing June 2030
New $4.5B multi-currency revolver replaces existing $1.9B + €0.9B + £0.1B facility.
Carnival closes $1B 5.875% notes offering, redeems $993M 7.625% notes due 2026
Closed $1.0B aggregate principal amount of 5.875% senior unsecured notes due June 15, 2031.
Carnival launches $1B notes offering to refinance $993M 7.625% notes due 2026
$1.0B senior unsecured notes offering expected to mature in 2031; proceeds used to refinance $993M 7.625% notes due 2026.
Carnival prices $1.0B 5.875% notes due 2031; refinances $993M 7.625% notes due 2026
$1.0B aggregate principal of 5.875% senior unsecured notes due 2031 priced.
Carnival redeems $350M of 7.625% notes due 2026 on May 1 at par
Notice of redemption for $350M of $1.4B 7.625% senior unsecured notes due 2026.
Carnival shareholders re-elect all 11 directors and approve all proposals at 2025 annual meeting
All 11 director nominees re-elected; Randy Weisenburger received lowest support (~87% of votes cast).
Carnival reports record Q1 revenue $5.8B, adj net income $174M, raises FY25 guidance
Record Q1 revenue $5.8B (+$400M YoY); operating income $543M nearly double prior year.
Carnival issues $1B 5.75% notes due 2030, redeems $1B 10.5% notes, cuts annual interest cost ~$45M
Issued $1.0B 5.750% senior unsecured notes due 2030 in private offering.
Carnival prices $1.0B 5.750% notes due 2030 to refinance 10.500% notes, saving ~$45M/yr interest
Priced private offering of $1.0B aggregate principal of 5.750% senior unsecured notes due March 15, 2030.
Carnival launches $1B notes offering to refinance 10.5% bonds due 2030, cutting interest expense
Plans to redeem $1.0B of 10.500% senior unsecured notes due 2030, conditional on closing new offering.
Carnival closes $2.0B 6.125% notes offering, redeems $2.03B 10.375% notes, saves >$80M/year
Issued $2.0B 6.125% notes due 2033; used proceeds plus cash to redeem $2.03B 10.375% notes due 2028.
Carnival launches $2.0B note offering to refinance 10.375% Senior Priority Notes due 2028
Offering $2.0B in new senior unsecured notes due 2033 to refinance $2.03B 10.375% Senior Priority Notes due 2028.
Carnival prices $2.0B 6.125% notes due 2033; to redeem $2.03B 10.375% senior notes due 2028
$2.0B aggregate principal of 6.125% senior unsecured notes due 2033 priced.
Carnival reprices ~$2.45B in senior secured term loans, expects ~$18M annual interest savings
Repriced $700M 2027 and $1.75B 2028 first-lien term loans; new rate SOFR + 2.00% (0.75% floor).
Director Sara Mathew to step down from Carnival boards at 2025 annual meeting in April
Sara Mathew will not stand for re-election at the 2025 Annual Meetings of Shareholders.
Full year revenue $25B (all-time high), up >15% YoY; net income $1.9B, adjusted net income beats guidance by $130M.
Carnival Q3 net income $1.7B (+60% YoY); raises FY2024 adjusted EBITDA guidance to ~$6.0B
Revenue hit record $7.9B, up $1.0B YoY; net yields in constant currency rose 8.7%.
Carnival Q2 net income up ~$500M YoY; beats guidance, raises FY2024 outlook
Q2 net income improved by nearly $500M compared to 2023.
Closed €500M 5.75% senior notes due 2030; proceeds to redeem €500M 7.625% notes due 2026 (interest expense reduction ~2%).
€500M of 5.75% senior unsecured notes due 2030; proceeds with cash to redeem €500M 7.625% notes due 2026, cutting interest expense ~2%.
Carnival CMO William Burke to step down Feb 2025; Lars Ljoen named successor
William Burke, Chief Maritime Officer, will step down effective February 1, 2025, and become External Affairs Advisor.
All 12 incumbent directors re-elected with strong support; Nelda J. Connors newly elected with 597.8M for.
On January 9, 2025, Sara Mathew notified Carnival Corporation and Carnival plc (together, the “Company”) that she has made the decision not to stand for re-election at the 2025 Annual Meetings of Shareholders to allow her to focus on her other business ventures.
Lars Ljoen, who is currently Chief Operations Officer of Carnival Cruise Line, will assume the role of Chief Maritime Officer of the Company effective February 1, 2025.
William Burke, Chief Maritime Officer and a named executive officer of Carnival Corporation and Carnival plc (the “Company”), notified the Company that he is stepping down from this role effective February 1, 2025.
Max materiality 0.90 · Median 0.65 · Most common event debt