| Schedule of convertible debt instruments |
The following is a summary of NCLC’s exchangeable notes as of June 30, 2023 (in thousands):
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|
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|
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Unamortized |
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|
|
|
|
|
|
|
|
Principal |
|
Deferred |
|
Net Carrying |
|
Fair Value |
|
|
Amount |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2024 Exchangeable Notes (1) |
|
$ |
146,601 |
|
$ |
(1,329) |
|
$ |
145,272 |
|
$ |
242,046 |
|
Level 2 |
2025 Exchangeable Notes |
|
|
450,000 |
|
|
(5,264) |
|
|
444,736 |
|
|
616,397 |
|
Level 2 |
2027 1.125% Exchangeable Notes |
|
|
1,150,000 |
|
|
(20,777) |
|
|
1,129,223 |
|
|
1,059,518 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
473,175 |
|
|
(9,077) |
|
|
464,098 |
|
|
450,458 |
|
Level 2 |
| (1) |
Classified within current portion of long-term debt as of June 30, 2023. We expect that the holders of the 2024 Exchangeable Notes will exchange their 2024 Exchangeable Notes for shares. |
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 |
|
| Schedule of interest expense of convertible debt instruments |
The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Coupon interest |
|
$ |
14,437 |
|
$ |
13,924 |
|
$ |
28,875 |
|
$ |
26,916 |
Amortization of deferred financing fees |
|
|
2,856 |
|
|
2,865 |
|
|
5,499 |
|
|
5,140 |
Total |
|
$ |
17,293 |
|
$ |
16,789 |
|
$ |
34,374 |
|
$ |
32,056 |
|
| 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 June 30, 2023 (in thousands):
|
|
|
|
Year |
|
Amount |
Remainder of 2023 |
|
$ |
475,986 |
2024 |
|
|
1,712,045 |
2025 |
|
|
1,899,496 |
2026 |
|
|
2,106,171 |
2027 |
|
|
3,158,887 |
2028 |
|
|
1,815,376 |
Thereafter |
|
|
2,227,032 |
Total |
|
$ |
13,394,993 |
|