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Royal Caribbean Announces Commencement of Conversion Period for Zero Coupon Convertible Notes Due 2021.

Business Editors/Travel Writers

MIAMI--(BUSINESS WIRE)--April 1, 2004

Royal Caribbean Cruises Ltd. (NYSE:RCL) (OSE:RCL) today announced that the Company's Zero Coupon Convertible Notes due May 18, 2021 (the "Convertible Notes") are now convertible, having satisfied the market price condition as of Wednesday, March 31, 2004. Holders may convert their Convertible Notes into shares of the Company's common stock at any time on or prior to 5:00 p.m. New York time on Wednesday, June 30, 2004. Pursuant to the terms of the indenture under which the Convertible Notes were issued in May 2001, the Convertible Notes are convertible at a rate of 15.6675 shares of common stock per $1,000 principal amount of Convertible Notes. Cash will be paid in lieu of fractional shares. If all outstanding Convertible Notes were surrendered for conversion, the aggregate number of shares of common stock issued would be approximately 13.8 million.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that operates Royal Caribbean International and Celebrity Cruises, with a combined total of 28 ships in service and two under construction or on firm order. The company also offers unique cruisetour vacations in Alaska, Canada and Europe. Additional information can be found on, or
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Publication:Business Wire
Geographic Code:1USA
Date:Apr 1, 2004
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