Royal Caribbean Cruises LTD
 

Filed pursuant to Rule 433
Dated June 7, 2006
Registration No. 333-115090
(ROYAL CARIBBEAN LOGO)
ROYAL CARIBBEAN CRUISES LTD.
Pricing Term Sheet dated June 7, 2006
$550,000,000 7.00% Senior Notes due 2013
             
Issuer:
  Royal Caribbean Cruises Ltd.        
Size:
  $550,000,000        
Maturity:
  June 15, 2013        
Coupon (Interest Rate):
  7.00%        
Yield to Maturity:
  7.090%        
Spread to Benchmark Treasury:
  2.10% (+ 210 basis points)        
Benchmark Treasury:
  3.625% May 15, 2013        
Benchmark Treasury Price and Yield:
  92-02 + ; 4.990%        
Interest Payment Dates:
  June 15 and December 15, commencing December 15, 2006        
Day Count Convention:
  30 / 360        
Price to Public:
  99.509%        
Settlement Date:
  T + 3; June 12, 2006        
Denominations:
  $1,000 x $1,000        
CUSIPS:
  780153 AQ 5        
 
Joint Book-Running Managers:
        Underwriting  
    Goldman, Sachs & Co.   $ 275,000,000  
    Barclays Capital Inc.   $ 55,000,000  
    BNP Paribas Securities Corp.   $ 55,000,000  
    Greenwich Capital Markets, Inc.   $ 55,000,000  
    Morgan Stanley & Co. Incorporated   $ 55,000,000  
 
Co-Managers:
           
    DnB NOR Markets, Inc.   $ 13,750,000  
    J.P. Morgan Securities Inc.   $ 13,750,000  
    Morgan Keegan & Company, Inc.   $ 13,750,000  
    Scotia Capital (USA) Inc.   $ 13,750,000  
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526.


 

$350,000,000 7.250% Senior Notes due 2016
             
Issuer:
  Royal Caribbean Cruises Ltd.        
Size:
  $350,000,000        
Maturity:
  June 15, 2016        
Coupon (Interest Rate):
  7.250%        
Yield to Maturity:
  7.294%        
Spread to Benchmark Treasury:
  2.27% (+227 basis points)        
Benchmark Treasury:
  5.125% May 15, 2016        
Benchmark Treasury Price and Yield:
  100-25; 5.024%        
Interest Payment Dates:
  June 15 and December 15, commencing December 15, 2006        
Day Count Convention:
  30 / 360        
Price to Public:
  99.690%        
Settlement Date:
  T+ 3; June 12, 2006        
Denominations:
  $1,000 x $1,000        
CUSIPS:
  780153 AR 3        
 
Joint Book-Running Managers:
        Underwriting  
    Goldman, Sachs & Co.   $ 175,000,000  
    Barclays Capital Inc.   $ 35,000,000  
    BNP Paribas Securities Corp.   $ 35,000,000  
    Greenwich Capital Markets, Inc.   $ 35,000,000  
    Morgan Stanley & Co. Incorporated   $ 35,000,000  
 
Co-Managers:
           
    DnB NOR Markets, Inc.   $ 8,750,000  
    J.P. Morgan Securities Inc.   $ 8,750,000  
    Morgan Keegan & Company, Inc.   $ 8,750,000  
    Scotia Capital (USA) Inc.   $ 8,750,000  
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526.