Filed pursuant to Rule 424(b)(3)
Registration No. 333-106293
PROSPECTUS SUPPLEMENT NO. 11
(TO PROSPECTUS DATED JULY 3, 2003)
U.S. $889,000,000
CARNIVAL CORPORATION
SENIOR CONVERTIBLE DEBENTURES DUE 2033
GUARANTEED BY CARNIVAL PLC AND
P&O PRINCESS CRUISES INTERNATIONAL LIMITED
This prospectus supplement No. 11 supplements and amends the prospectus
dated July 3, 2003, as amended and supplemented by prospectus supplement No. 1
dated July 21, 2003, prospectus supplement No. 2 dated August 8, 2003,
prospectus supplement No. 3 dated August 25, 2003, prospectus supplement No. 4
dated September 11, 2003, prospectus supplement No. 5 dated October 6, 2003,
prospectus supplement No. 6 dated October 31, 2003, prospectus supplement No. 7
dated November 17, 2003, prospectus supplement No. 8 dated December 8, 2003,
prospectus supplement No. 9 dated February 4, 2004 and prospectus supplement No.
10 dated February 24, 2004 relating to $889,000,000 aggregate principal amount
at maturity of our Senior Convertible Debentures due 2033 (the "debentures") and
20,896,657 shares of our common stock issuable upon conversion of the debentures
held by the selling securityholders, plus an indeterminate number of shares as
may become issuable upon conversion of the debentures by reason of adjustment to
the conversion price.
The table on page 74 of the prospectus sets forth information with
respect to the selling securityholders and the respective amounts at maturity of
debentures beneficially owned by each selling securityholder that may be offered
pursuant to the prospectus, as amended and supplemented by prospectus supplement
No. 1 dated July 21, 2003, prospectus supplement No. 2 dated August 8, 2003,
prospectus supplement No. 3 dated August 25, 2003, prospectus supplement No. 4
dated September 11, 2003, prospectus supplement No. 5 dated October 6, 2003,
prospectus supplement No. 6 dated October 31, 2003, prospectus supplement No. 7
dated November 17, 2003, prospectus supplement No. 8 dated December 8, 2003,
prospectus supplement No. 9 dated February 4, 2004 and prospectus supplement No.
10 dated February 24, 2004. This prospectus supplement amends that table by
adding to it the items set forth below.
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PRINCIPAL AMOUNT NUMBER OF SHARES OF
AT MATURITY OF PERCENT OF COMMON STOCK NUMBER OF SHARES OF
DEBENTURES TOTAL ISSUABLE UPON COMMON STOCK OWNED
SELLING BENEFICIALLY OUTSTANDING INITIAL CONVERSION PRIOR TO CONVERSION
SECURITYHOLDER OWNED AND OFFERED DEBENTURES OF DEBENTURES (1) OF DEBENTURES (1)
-------------------------------------------------------------------------------------------------------------------
Goldman, Sachs & Co........... $7,500,000 0.84% 176,294 1,074,489
-------------------------------------------------------------------------------------------------------------------
Natexis Arbitrage............. $3,000,000 0.34% 70,517 0
-------------------------------------------------------------------------------------------------------------------
(1) Also includes an equivalent number of non-detachable trust
shares of beneficial interest in P&O Princess Special Voting
Trust, a trust established under the laws of the Cayman
Islands. See "Description of Trust Shares."
The prospectus dated July 3, 2003, as amended and supplemented by
prospectus supplement No. 1 dated July 21, 2003, prospectus supplement No. 2
dated August 8, 2003, prospectus supplement No. 3 dated August 25, 2003,
prospectus supplement No. 4 dated September 11, 2003, prospectus supplement No.
5 dated October 6, 2003, prospectus supplement No. 6 dated October 31, 2003,
prospectus supplement No. 7 dated November 17, 2003, prospectus supplement No. 8
dated December 8, 2003, prospectus supplement No. 9 dated February 4, 2004,
prospectus supplement No. 10 dated February 24, 2004 and this prospectus
supplement No. 11 constitutes the prospectus required to be delivered by Section
5(b) of the Securities Act of 1933, as amended, with respect to offers and sales
of the debentures and the common stock issuable upon conversion of the
debentures.
Our common stock is traded on the New York Stock Exchange under the
symbol "CCL." On June 3, 2004, the last reported sales price of the common stock
was $41.62 per share.
There is no public market for the debentures, and we do not intend to
apply for their listing on any securities exchange or seek approval for
quotation of them through any automated system.
INVESTING IN THE SECURITIES OFFER BY THIS PROSPECTUS INVOLVES RISKS
THAT ARE DESCRIBED IN THE "RISK FACTORS" SECTION BEGINNING ON PAGE 11 OF THE
ACCOMPANYING PROSPECTUS.
Neither the Securities and Exchange Commission, nor any state
securities commission has approved or disapproved of the securities offered by
this prospectus or passed upon the adequacy or accuracy of this prospectus
supplement. Any representation to the contrary is a criminal offense.
_____________________________
The date of this prospectus supplement is June 4, 2004
SELLING SECURITYHOLDERS
The prospectus dated July 3, 2003, as amended and supplemented by
prospectus supplement No. 1 dated July 21, 2003, prospectus supplement No. 2
dated August 8, 2003, prospectus supplement No. 3 dated August 25, 2003,
prospectus supplement No. 4 dated September 11, 2003, prospectus supplement No.
5 dated October 6, 2003, prospectus supplement No. 6 dated October 31, 2003,
prospectus supplement No. 7 dated November 17, 2003, prospectus supplement No. 8
dated December 8, 2003, prospectus supplement No. 9 dated February 4, 2004 and
prospectus supplement No. 10 dated February 24, 2004 relating to the offer for
resale of $889,000,000 aggregate principal amount at maturity of debentures and
20,896,657 shares of our common stock issuable upon conversion of the debentures
held by the selling securityholders, plus an indeterminate number of shares as
may become issuable upon conversion of the debentures by reason of adjustment to
the conversion price and, upon each issuance of shares of Carnival Corporation
common stock to a person, including to a holder of debentures upon conversion of
debentures, an equivalent number of non-detachable trust shares of beneficial
interest in the P&O Princess Special Voting Trust, is amended to replace the
first paragraph and the table under the heading "Selling Securityholders" on
page 74 with the information in the following paragraph and table. We may
further amend or supplement this table from time to time if necessary.
We originally sold the debentures to the initial purchaser in a private
placement. The debentures were subsequently resold by the initial purchaser to
purchasers, including the selling securityholders listed below, in transactions
exempt from registration. The following table provides, as of June 4, 2004, the
principal amount at maturity of debentures held by such selling securityholder,
the number of shares of common stock beneficially owned by such securityholder
prior to its conversion of any debentures and the number of shares of our common
stock issuable upon conversion of the debentures. This information has been
obtained from the selling securityholders.
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PRINCIPAL AMOUNT NUMBER OF SHARES OF
AT MATURITY OF PERCENT OF COMMON STOCK NUMBER OF SHARES OF
DEBENTURES TOTAL ISSUABLE UPON COMMON STOCK OWNED
SELLING BENEFICIALLY OUTSTANDING INITIAL CONVERSION PRIOR TO CONVERSION
SECURITYHOLDER OWNED AND OFFERED DEBENTURES OF DEBENTURES (1) OF DEBENTURES (1)
-------------------------------------------------------------------------------------------------------------------
Argent Classic Convertible
Arbitrage (Bermuda) Fund Ltd... $14,200,000 1.60% 333,782 0
-------------------------------------------------------------------------------------------------------------------
Argent Classic Convertible
Arbitrage Fund L.P............. $2,800,000 0.31% 65,816 0
-------------------------------------------------------------------------------------------------------------------
Argent LowLev Convertible
Arbitrage Fund LLC............. $1,100,000 0.12% 25,856 0
-------------------------------------------------------------------------------------------------------------------
Argent LowLev Convertible
Arbitrage Fund Ltd............. $6,300,000 0.71% 148,087 0
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT NUMBER OF SHARES OF
AT MATURITY OF PERCENT OF COMMON STOCK NUMBER OF SHARES OF
DEBENTURES TOTAL ISSUABLE UPON COMMON STOCK OWNED
SELLING BENEFICIALLY OUTSTANDING INITIAL CONVERSION PRIOR TO CONVERSION
SECURITYHOLDER OWNED AND OFFERED DEBENTURES OF DEBENTURES (1) OF DEBENTURES (1)
-------------------------------------------------------------------------------------------------------------------
Bank Austria Cayman Islands,
LTD............................ $7,650,000 0.86% 179,819 0
-------------------------------------------------------------------------------------------------------------------
Banc of America Securities
L.L.C.......................... $2,100,000 0.24% 49,362 0
-------------------------------------------------------------------------------------------------------------------
Bear, Stearns & Co., Inc....... $30,500,000 3.43% 716,927 0
-------------------------------------------------------------------------------------------------------------------
BNP Paribas Equity Strategies
SNC............................ $744,000 0.08% 17,488 0
-------------------------------------------------------------------------------------------------------------------
Class C Trading Company, Ltd... $400,000 0.04% 9,402 0
-------------------------------------------------------------------------------------------------------------------
Clinton Convertible Managed
Trading Account 1 Limited...... $2,620,000 0.29% 61,585 0
-------------------------------------------------------------------------------------------------------------------
Clinton Multistrategy Master
Fund, Ltd...................... $21,890,000 2.46% 514,542 0
-------------------------------------------------------------------------------------------------------------------
Clinton Riverside Convertible
Portfolio Limited.............. $22,000,000 2.47% 517,128 0
-------------------------------------------------------------------------------------------------------------------
CNH CA Master Account,
L.P............................ $1,500,000 0.17% 35,259 0
-------------------------------------------------------------------------------------------------------------------
Continental Assurance Company
On Behalf Of Its Separate
Account (E).................... $3,100,000 0.35% 72,868 0
-------------------------------------------------------------------------------------------------------------------
Continental Casualty Company... $24,400,000 2.74% 573,542 0
-------------------------------------------------------------------------------------------------------------------
CooperNeff Convertible
Strategies (Cayman) Master
Fund L.P....................... $580,000 0.07% 13,633 0
-------------------------------------------------------------------------------------------------------------------
DBAG London.................... $500,000 .06% 11,753 0
-------------------------------------------------------------------------------------------------------------------
Global Bermuda Limited
Partnership.................... $23,100,000 2.60% 542,984 0
-------------------------------------------------------------------------------------------------------------------
Goldman, Sachs & Co............ $56,800,000 6.39% 1,335,129 1,074,489
-------------------------------------------------------------------------------------------------------------------
Guggenheim Portfolio Co. XV,
LLC............................ $1,350,000 0.15% 31,733 0
-------------------------------------------------------------------------------------------------------------------
Hamilton Multi-Strategy Master
Fund, LP....................... $4,300,000 0.48% 101,075 0
-------------------------------------------------------------------------------------------------------------------
Highbridge International LLC... $50,000,000 5.62% 1,175,290 0
-------------------------------------------------------------------------------------------------------------------
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PRINCIPAL AMOUNT NUMBER OF SHARES OF
AT MATURITY OF PERCENT OF COMMON STOCK NUMBER OF SHARES OF
DEBENTURES TOTAL ISSUABLE UPON COMMON STOCK OWNED
SELLING BENEFICIALLY OUTSTANDING INITIAL CONVERSION PRIOR TO CONVERSION
SECURITYHOLDER OWNED AND OFFERED DEBENTURES OF DEBENTURES (1) OF DEBENTURES (1)
-------------------------------------------------------------------------------------------------------------------
Jefferies & Company, Inc...... $1,200,000 0.13% 28,207 0
-------------------------------------------------------------------------------------------------------------------
JP Morgan Securities Inc. ..... $35,000,000 3.94% 822,703 3,749
-------------------------------------------------------------------------------------------------------------------
KBC Financial Products (Cayman
Islands) Ltd................... $25,550,000 2.87% 600,573 0
-------------------------------------------------------------------------------------------------------------------
KBC Financial Products USA Inc. $1,450,000 0.16% 34,083 0
-------------------------------------------------------------------------------------------------------------------
Lakeshore International, Ltd... $92,400,000 10.40% 2,171,936 0
-------------------------------------------------------------------------------------------------------------------
Laurel Ridge Capital, LP....... $7,500,000 0.84% 176,294 0
-------------------------------------------------------------------------------------------------------------------
Lyxor Master Fund.............. $2,100,000 0.24% 49,362 0
-------------------------------------------------------------------------------------------------------------------
Man Convertible Bond Master
Fund........................... $3,523,000 0.40% 82,811 0
-------------------------------------------------------------------------------------------------------------------
Meadow IAM Limited ............ $2,090,000 0.24% 49,127 0
-------------------------------------------------------------------------------------------------------------------
Merrill Lynch, Pierce, Fenner
& Smith, Inc................... $97,750,000 11.00% 2,297,692 0
-------------------------------------------------------------------------------------------------------------------
Natexis Arbitrage............. $3,000,000 0.34% 70,517 0
-------------------------------------------------------------------------------------------------------------------
Nomura Securities
International, Inc............. $15,000,000 1.69% 352,587 658,452
-------------------------------------------------------------------------------------------------------------------
Quattro Fund Ltd............... $4,000,000 0.45% 94,023 0
-------------------------------------------------------------------------------------------------------------------
Ramius Capital Group........... $900,000 0.10% 21,155 0
-------------------------------------------------------------------------------------------------------------------
Ramius, LP..................... $270,000 0.03% 6,347 0
-------------------------------------------------------------------------------------------------------------------
Ramius Master Fund, LTD........ $10,823,000 1.22% 254,403 0
-------------------------------------------------------------------------------------------------------------------
Ramius Partners II, LP......... $315,000 0.04% 7,404 0
-------------------------------------------------------------------------------------------------------------------
RCG Baldwin, LP................ $1,125,000 0.13% 26,444 0
-------------------------------------------------------------------------------------------------------------------
RCG Halifax Master Fund, LTD... $1,125,000 0.13% 26,444 0
-------------------------------------------------------------------------------------------------------------------
RCG Latitude Master Fund, LTD.. $10,822,000 1.22% 254,380 0
-------------------------------------------------------------------------------------------------------------------
RCG Multi Strategy Master
Fund, LTD...................... $720,000 0.08% 16,924 0
-------------------------------------------------------------------------------------------------------------------
S.A.C. Capital Associates, LLC. $500,000 0.06% 11,753 7,500
-------------------------------------------------------------------------------------------------------------------
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PRINCIPAL AMOUNT NUMBER OF SHARES OF
AT MATURITY OF PERCENT OF COMMON STOCK NUMBER OF SHARES OF
DEBENTURES TOTAL ISSUABLE UPON COMMON STOCK OWNED
SELLING BENEFICIALLY OUTSTANDING INITIAL CONVERSION PRIOR TO CONVERSION
SECURITYHOLDER OWNED AND OFFERED DEBENTURES OF DEBENTURES (1) OF DEBENTURES (1)
-------------------------------------------------------------------------------------------------------------------
Sagamore Hill Hub Fund LTD..... $35,600,000 4.00% 836,806 0
-------------------------------------------------------------------------------------------------------------------
Singlehedge US Convertible
Arbitrage Fund................. $71,000 0.01% 1,669 0
-------------------------------------------------------------------------------------------------------------------
St. Thomas Trading Ltd. ....... $6,477,000 0.73% 152,247 0
-------------------------------------------------------------------------------------------------------------------
Sturgeon Limited............... $105,000 0.01% 2,468 0
-------------------------------------------------------------------------------------------------------------------
Sutton Brook Capital Portfolio
LP............................. $20,000,000 2.50% 470,116 0
-------------------------------------------------------------------------------------------------------------------
Swiss Re Financial Products
Corporation.................... $47,000,000 5.29% 1,104,773 0
-------------------------------------------------------------------------------------------------------------------
The Coast Fund, LP............. $21,100,000 2.37% 495,972 0
-------------------------------------------------------------------------------------------------------------------
UBS AG London Branch........... $115,000,000 12.94% 2,703,167 0
-------------------------------------------------------------------------------------------------------------------
White River Securities L.L.C. . $30,500,000 3.43% 716,927 0
-------------------------------------------------------------------------------------------------------------------
Xavex Convertible Arbitrage #5. $900,000 0.10% 21,155 0
-------------------------------------------------------------------------------------------------------------------
Xavex Risk Arbitrage Fund 2.... $400,000 0.04% 9,402 0
-------------------------------------------------------------------------------------------------------------------
Zurich Institutional Benchmark
Management..................... $1,000,000 0.11% 23,506 0
-------------------------------------------------------------------------------------------------------------------
Zurich Institutional Benchmark
Master Fund LTD................ $300,000 0.03% 7,052 0
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(1) Also includes an equivalent number of non-detachable trust shares of
beneficial interest in P&O Princess Special Voting Trust, a trust
established under the laws of the Cayman Islands. See "Description of
Trust Shares."