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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF MAY, 2000
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ROYAL CARIBBEAN CRUISES LTD.
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1050 CARIBBEAN WAY, MIAMI, FLORIDA 33132
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
[INDICATE BY CHECK MARK WHETHER THE REGISTRANT FILES OR WILL FILE
ANNUAL REPORTS UNDER COVER FORM 20-F OR FORM 40-F.]
FORM 20-F [X] FORM 40-F [ ]
----- -----
[INDICATE BY CHECK MARK WHETHER THE REGISTRANT BY FURNISHING THE
INFORMATION CONTAINED IN THIS FORM IS ALSO THEREBY FURNISHING THE INFORMATION
TO THE COMMISSION PURSUANT TO RULE 12g3-2(b) UNDER THE SECURITIES EXCHANGE ACT
OF 1934.]
YES NO [X]
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[IF "YES" IS MARKED INDICATE BELOW THE FILE NUMBER ASSIGNED TO THE
REGISTRANT IN CONNECTION WITH RULE 12g-3-2(b): 82_____].
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(ROYAL CARIBBEAN INTERNATIONAL LOGO) (CELEBRITY CRUISES LOGO)
Contact: Lynn Martenstein
(305) 539-6573
Michael Sheehan
(305) 539-6572
For Immediate Release
ROYAL CARIBBEAN CRUISES LTD. INVESTS IN STRATEGIC ALLIANCE
AND NEW CRUISE LINE WITH FIRST CHOICE HOLIDAYS -
ONE OF THE U.K.'S LARGEST TOUR OPERATORS
MIAMI - (May 18, 2000) - Royal Caribbean Cruises Ltd. (NYSE & OSE: RCL)
announced today the investment in a multi-faceted strategic alliance and the
start-up of a joint venture cruise line with First Choice Holidays (FTSE: FCD),
one of the United Kingdom's (U.K.) largest integrated tour operators.
Based in the U.K., First Choice serves over 4 million customers
annually in the U.K. and Canada. First Choice's brands include First Choice,
Unijet, Hayes & Jarvis, Suncars, Sovereign and Sunsail, among others. First
Choice also has a charter airline with 25 aircraft operated under the name Air
2000, a seat broker, Viking International, as well as the world's largest yacht
holiday rental company.
Royal Caribbean will purchase a new issue of convertible preferred
stock for approximately $300 million from First Choice. The convertible
preferred stock carries a 6 3/4% coupon and provides for conversion at a price
of 190 pence per share. If fully converted, Royal Caribbean's holding would
represent approximately a 20% interest in First Choice. The issuance of the
convertible preferred stock will allow First Choice to accelerate its growth
opportunities in the rapidly consolidating European tour operator business.
Under the terms of the agreement, Royal Caribbean will be entitled to
representation on the board of directors of First Choice. Completion of the
transaction is subject to First Choice shareholder and regulatory approval.
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CORPORATE COMMUNICATIONS
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1050 Caribbean Way - Miami, FL 33132-2096 USA
tel:305-539-6573 - fax:305-536-0140 - www.royalcaribbean.com
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ROYAL CARIBBEAN CRUISES LTD. INVESTS IN STRATEGIC ALLIANCE
AND NEW CRUISE LINE WITH FIRST CHOICE HOLIDAYS -
ONE OF THE U.K.'S LARGEST TOUR OPERATORS 2,2,2,2
Royal Caribbean, which operates the Royal Caribbean International and
Celebrity Cruises brands, expects to quickly see a positive impact to its
European passenger sourcing. First Choice will provide both brands with a
significantly larger distribution base in the U.K. The brands will benefit from
access to First Choice's significant retail brands, Travel Choice, Travel
Choice Express and Holiday Hypermarkets, as well as use of its new distribution
technology, including its unique interactive digital sales technology and
online e-retail outlets. Plans are also in place to provide special training
and promotional material geared at increasing the distribution of the Royal
Caribbean brands.
Independently, Royal Caribbean and First Choice will launch a new
cruise brand targeting the mass-market European vacationer through a joint
venture. Viking Serenade, a 1,500-passenger ship currently operated under the
Royal Caribbean International brand, will be the first ship operated by the new
cruise line, which has yet to be named. As part of the transaction, Viking
Serenade will be renamed and offer itineraries out of the Mediterranean in
summer and out of the Caribbean in winter. Operations will begin in the spring
of 2001. Viking Serenade will be transferred from Royal Caribbean Cruises Ltd.
upon completion of the strategic alliance to the new company at an agreed
valuation of approximately $100 million. Royal Caribbean and First Choice will
each subscribe approximately $50 million for 50 percent of the joint venture.
"This transaction demonstrates our continued commitment to expanding
the global reach of the Royal Caribbean International and Celebrity Cruises
brands," said Richard D. Fain, chairman and chief executive officer of Royal
Caribbean Cruises Ltd. "Over the past few months, we have worked closely with
the First Choice management team and gained an appreciation of its marketing
and distribution experience. We are convinced that the alliance between the two
companies will create significant new demand for our cruise brands, and are
delighted to have this opportunity to invest in one of the U.K.'s leading tour
operators."
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ROYAL CARIBBEAN CRUISES LTD. INVESTS IN STRATEGIC ALLIANCE
AND NEW CRUISE LINE WITH FIRST CHOICE HOLIDAYS -
ONE OF THE U.K.'S LARGEST TOUR OPERATORS 3,3,3,3
Goldman, Sachs & Co. acted as financial advisor for Royal Caribbean
Cruises Ltd. on this transaction.
Royal Caribbean Cruises Ltd. is a global cruise company that owns
Royal Caribbean International and Celebrity Cruises. The brands' combined fleet
consists of 17 vessels in service, with 12 additional ships on order. For
additional information about Royal Caribbean Cruises Ltd., please visit
www.royalcaribbean.com, www.celebritycruises.com or www.rclinvestor.com.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ROYAL CARIBBEAN CRUISES LTD.
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(Registrant)
Date: June 1, 2000 By: /s/ RICHARD J. GLASIER
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Richard J. Glasier
Executive Vice President
and Chief Financial Officer
