| Schedule of convertible debt instruments |
The following is a summary of NCLC’s exchangeable notes as of March 31, 2024 (in thousands):
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|
|
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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 |
|
$ |
(193) |
|
$ |
146,408 |
|
$ |
224,238 |
|
Level 2 |
2025 Exchangeable Notes |
|
|
449,990 |
|
|
(3,383) |
|
|
446,607 |
|
|
581,270 |
|
Level 2 |
2027 1.125% Exchangeable Notes |
|
|
1,150,000 |
|
|
(16,544) |
|
|
1,133,456 |
|
|
1,098,273 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
473,175 |
|
|
(7,254) |
|
|
465,921 |
|
|
464,540 |
|
Level 2 |
| (1) |
Classified within current portion of long-term debt as of March 31, 2024. 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, 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized |
|
|
|
|
|
|
|
|
|
|
Principal |
|
Deferred |
|
Net Carrying |
|
Fair Value |
|
|
Amount |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2024 Exchangeable Notes (1) |
|
$ |
146,601 |
|
$ |
(557) |
|
$ |
146,044 |
|
$ |
217,790 |
|
Level 2 |
2025 Exchangeable Notes |
|
|
449,990 |
|
|
(3,963) |
|
|
446,027 |
|
|
572,567 |
|
Level 2 |
2027 1.125% Exchangeable Notes |
|
|
1,150,000 |
|
|
(17,921) |
|
|
1,132,079 |
|
|
1,068,431 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
473,175 |
|
|
(7,836) |
|
|
465,339 |
|
|
453,784 |
|
Level 2 |
| (1) |
Classified within current portion of long-term debt as of December 31, 2023. We expect that the holders of the 2024 Exchangeable Notes will exchange their 2024 Exchangeable Notes for shares. |
|
| Schedule of interest expense of convertible debt instruments |
The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
Coupon interest |
|
$ |
14,437 |
|
$ |
14,438 |
Amortization of deferred financing fees |
|
|
2,903 |
|
|
2,643 |
Total |
|
$ |
17,340 |
|
$ |
17,081 |
|
| 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 March 31, 2024 (in thousands):
|
|
|
|
Year |
|
Amount |
Remainder of 2024 |
|
$ |
1,569,504 |
2025 |
|
|
1,321,130 |
2026 |
|
|
2,234,657 |
2027 |
|
|
3,291,131 |
2028 |
|
|
1,697,619 |
2029 |
|
|
1,911,513 |
Thereafter |
|
|
2,064,110 |
Total |
|
$ |
14,089,664 |
|