| Schedule of long-term debt |
Long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
|
Balance |
|
|
December 31, |
|
Maturities |
|
December 31, |
|
|
2022 |
|
2021 |
|
Through |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$875.0 million senior secured Revolving Loan Facility |
|
6.45 |
% |
2.10 |
% |
2025 |
|
$ |
875,000 |
|
$ |
875,000 |
Term Loan A Facility |
|
6.80 |
% |
2.07 |
% |
2025 |
|
|
1,447,851 |
|
|
1,508,025 |
$862.5 million 6.000% exchangeable notes |
|
6.00 |
% |
6.00 |
% |
2024 |
|
|
144,608 |
|
|
143,193 |
$450.0 million 5.375% exchangeable notes |
|
5.38 |
% |
5.38 |
% |
2025 |
|
|
443,688 |
|
|
441,475 |
$1,150.0 million 1.125% exchangeable notes |
|
1.13 |
% |
1.13 |
% |
2027 |
|
|
1,126,543 |
|
|
1,121,052 |
$473.2 million 2.50% exchangeable notes |
|
2.50 |
% |
— |
|
2027 |
|
|
462,991 |
|
|
— |
$1,000.0 million 5.875% senior secured notes |
|
5.88 |
% |
— |
|
2027 |
|
|
987,522 |
|
|
— |
$600.0 million 7.75% senior unsecured notes |
|
7.75 |
% |
— |
|
2029 |
|
|
592,266 |
|
|
— |
$675.0 million 12.25% senior secured notes (1) |
|
— |
|
12.25 |
% |
2024 |
|
|
— |
|
|
427,164 |
$750.0 million 10.25% senior secured notes |
|
— |
|
10.25 |
% |
2026 |
|
|
— |
|
|
481,834 |
$525.0 million 6.125% senior unsecured notes |
|
6.13 |
% |
6.13 |
% |
2028 |
|
|
519,314 |
|
|
518,229 |
$1,425.0 million 5.875% senior unsecured notes |
|
5.88 |
% |
5.88 |
% |
2026 |
|
|
1,413,053 |
|
|
1,409,336 |
$565.0 million 3.625% senior unsecured notes |
|
3.63 |
% |
3.63 |
% |
2024 |
|
|
562,517 |
|
|
561,248 |
€529.8 million Breakaway one loan (2) |
|
5.53 |
% |
1.12 |
% |
2026 |
|
|
224,808 |
|
|
308,585 |
€529.8 million Breakaway two loan (2) |
|
4.25 |
% |
3.47 |
% |
2027 |
|
|
302,280 |
|
|
344,436 |
€590.5 million Breakaway three loan (2) |
|
3.75 |
% |
2.65 |
% |
2027 |
|
|
393,341 |
|
|
483,109 |
€729.9 million Breakaway four loan (2) |
|
3.62 |
% |
2.71 |
% |
2029 |
|
|
537,542 |
|
|
636,868 |
€710.8 million Seahawk 1 term loan (2) |
|
4.25 |
% |
3.44 |
% |
2030 |
|
|
600,504 |
|
|
699,131 |
€748.7 million Seahawk 2 term loan (2) |
|
4.24 |
% |
3.50 |
% |
2031 |
|
|
757,265 |
|
|
863,891 |
Leonardo newbuild one loan |
|
2.68 |
% |
2.68 |
% |
2034 |
|
|
1,043,850 |
|
|
256,179 |
Leonardo newbuild two loan |
|
2.77 |
% |
2.77 |
% |
2035 |
|
|
259,315 |
|
|
193,455 |
Leonardo newbuild three loan |
|
1.22 |
% |
1.22 |
% |
2036 |
|
|
40,765 |
|
|
43,298 |
Leonardo newbuild four loan |
|
1.31 |
% |
1.31 |
% |
2037 |
|
|
40,765 |
|
|
43,298 |
Splendor newbuild loan |
|
3.36 |
% |
2.88 |
% |
2032 |
|
|
383,085 |
|
|
405,937 |
Explorer newbuild loan |
|
4.44 |
% |
3.40 |
% |
2028 |
|
|
210,634 |
|
|
254,548 |
Marina newbuild loan |
|
4.41 |
% |
1.07 |
% |
2027 |
|
|
101,194 |
|
|
134,737 |
Riviera newbuild loan |
|
5.78 |
% |
1.01 |
% |
2026 |
|
|
135,290 |
|
|
202,888 |
Term loan - newbuild related |
|
— |
|
4.50 |
% |
2022 |
|
|
— |
|
|
68,220 |
Finance lease and license obligations |
|
Various |
|
Various |
|
2028 |
|
|
15,539 |
|
|
21,454 |
Total debt |
|
|
|
|
|
|
|
|
13,621,530 |
|
|
12,446,590 |
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
(991,128) |
|
|
(876,890) |
Total long-term debt |
|
|
|
|
|
|
|
$ |
12,630,402 |
|
$ |
11,569,700 |
| (1) |
Includes an original issue discount of $2.9 million as of December 31, 2021.
|
| (2) |
Currently U.S. dollar-denominated. |
|
| Schedule of convertible debt instruments |
The following is a summary of NCLC’s exchangeable notes as of December 31, 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized |
|
|
|
|
|
|
|
|
|
|
Principal |
|
Deferred |
|
Net Carrying |
|
Fair Value |
|
|
Amount |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2024 Exchangeable Notes |
|
$ |
146,601 |
|
$ |
(1,993) |
|
$ |
144,608 |
|
$ |
161,840 |
|
Level 2 |
2025 Exchangeable Notes |
|
|
450,000 |
|
|
(6,312) |
|
|
443,688 |
|
|
433,580 |
|
Level 2 |
2027 1.125% Exchangeable Notes |
|
|
1,150,000 |
|
|
(23,457) |
|
|
1,126,543 |
|
|
763,830 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
473,175 |
|
|
(10,184) |
|
|
462,991 |
|
|
331,743 |
|
Level 2 |
The following is a summary of NCLC’s exchangeable notes as of December 31, 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized |
|
|
|
|
|
|
|
|
|
|
Principal |
|
Deferred |
|
Net Carrying |
|
Fair Value |
|
|
Amount |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2024 Exchangeable Notes |
|
$ |
146,601 |
|
$ |
(3,408) |
|
$ |
143,193 |
|
$ |
249,358 |
|
Level 2 |
2025 Exchangeable Notes |
|
|
450,000 |
|
|
(8,525) |
|
|
441,475 |
|
|
642,591 |
|
Level 2 |
2027 1.125% Exchangeable Notes |
|
|
1,150,000 |
|
|
(28,948) |
|
|
1,121,052 |
|
|
1,088,510 |
|
Level 2 |
|
| Schedule of principal repayments on long-term debt including finance lease obligations |
The following are scheduled principal repayments on our long-term debt including exchangeable notes which can be settled in shares and finance lease obligations as of December 31, 2022 for each of the next five years (in thousands):
|
|
|
|
Year |
|
Amount |
2023 |
|
$ |
991,128 |
2024 |
|
|
2,513,382 |
2025 |
|
|
2,436,004 |
2026 |
|
|
2,049,850 |
2027 |
|
|
3,102,553 |
Thereafter |
|
|
2,762,506 |
Total |
|
$ |
13,855,423 |
|