| Schedule of long-term debt |
Long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
|
Balance |
|
|
December 31, |
|
Maturities |
|
December 31, |
|
|
2023 |
|
2022 |
|
Through |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Loan Facility |
|
— |
|
6.45 |
% |
2026 |
|
$ |
— |
|
$ |
875,000 |
Term Loan A Facility |
|
— |
|
6.80 |
% |
2025 |
|
|
— |
|
|
1,447,851 |
$862.5 million 6.000% exchangeable notes |
|
6.00 |
% |
6.00 |
% |
2024 |
|
|
146,044 |
|
|
144,608 |
$450.0 million 5.375% exchangeable notes |
|
5.38 |
% |
5.38 |
% |
2025 |
|
|
446,027 |
|
|
443,688 |
$1,150.0 million 1.125% exchangeable notes |
|
1.13 |
% |
1.13 |
% |
2027 |
|
|
1,132,079 |
|
|
1,126,543 |
$473.2 million 2.50% exchangeable notes |
|
2.50 |
% |
2.50 |
% |
2027 |
|
|
465,339 |
|
|
462,991 |
$1,000.0 million 5.875% senior secured notes |
|
5.88 |
% |
5.88 |
% |
2027 |
|
|
990,560 |
|
|
987,522 |
$600.0 million 7.75% senior unsecured notes |
|
7.75 |
% |
7.75 |
% |
2029 |
|
|
593,521 |
|
|
592,266 |
$790.0 million 8.125% senior secured notes |
|
8.13 |
% |
— |
|
2029 |
|
|
779,241 |
|
|
— |
$250.0 million 9.75% senior secured notes |
|
9.75 |
% |
— |
|
2028 |
|
|
239,695 |
|
|
— |
$600.0 million 8.375% senior secured notes |
|
8.38 |
% |
— |
|
2028 |
|
|
590,796 |
|
|
— |
$525.0 million 6.125% senior unsecured notes |
|
6.13 |
% |
6.13 |
% |
2028 |
|
|
520,402 |
|
|
519,314 |
$1,425.0 million 5.875% senior unsecured notes |
|
5.88 |
% |
5.88 |
% |
2026 |
|
|
1,416,779 |
|
|
1,413,053 |
$565.0 million 3.625% senior unsecured notes |
|
3.63 |
% |
3.63 |
% |
2024 |
|
|
563,788 |
|
|
562,517 |
€529.8 million Breakaway one loan (1) |
|
6.73 |
% |
5.53 |
% |
2026 |
|
|
140,721 |
|
|
224,808 |
€529.8 million Breakaway two loan (1) |
|
5.18 |
% |
4.25 |
% |
2027 |
|
|
216,317 |
|
|
302,280 |
€590.5 million Breakaway three loan (1) |
|
3.86 |
% |
3.75 |
% |
2027 |
|
|
303,184 |
|
|
393,341 |
€729.9 million Breakaway four loan (1) |
|
3.66 |
% |
3.62 |
% |
2029 |
|
|
437,721 |
|
|
537,542 |
€710.8 million Seahawk 1 term loan (1) |
|
4.35 |
% |
4.25 |
% |
2030 |
|
|
501,416 |
|
|
600,504 |
€748.7 million Seahawk 2 term loan (1) |
|
4.27 |
% |
4.24 |
% |
2031 |
|
|
650,189 |
|
|
757,265 |
Leonardo newbuild one loan |
|
2.68 |
% |
2.68 |
% |
2034 |
|
|
960,901 |
|
|
1,043,850 |
Leonardo newbuild two loan |
|
2.77 |
% |
2.77 |
% |
2035 |
|
|
1,022,829 |
|
|
259,315 |
Leonardo newbuild three loan |
|
1.89 |
% |
1.22 |
% |
2037 |
|
|
199,689 |
|
|
40,765 |
Leonardo newbuild four loan |
|
1.31 |
% |
1.31 |
% |
2038 |
|
|
42,037 |
|
|
40,765 |
Explorer newbuild loan |
|
4.37 |
% |
4.44 |
% |
2028 |
|
|
166,239 |
|
|
210,634 |
Splendor newbuild loan |
|
3.62 |
% |
3.36 |
% |
2032 |
|
|
333,143 |
|
|
383,085 |
Grandeur newbuild loan |
|
3.70 |
% |
— |
|
2035 |
|
|
501,987 |
|
|
— |
Marina newbuild loan |
|
7.06 |
% |
4.41 |
% |
2027 |
|
|
56,283 |
|
|
101,194 |
Riviera newbuild loan |
|
6.84 |
% |
5.78 |
% |
2026 |
|
|
67,683 |
|
|
135,290 |
Vista newbuild loan |
|
3.64 |
% |
— |
|
2035 |
|
|
560,943 |
|
|
— |
Finance lease and license obligations |
|
Various |
|
Various |
|
2028 |
|
|
13,372 |
|
|
15,539 |
Total debt |
|
|
|
|
|
|
|
|
14,058,925 |
|
|
13,621,530 |
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
(1,744,778) |
|
|
(991,128) |
Total long-term debt |
|
|
|
|
|
|
|
$ |
12,314,147 |
|
$ |
12,630,402 |
| (1) |
Currently U.S. dollar-denominated. |
|
| Schedule of convertible debt instruments |
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 |
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 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, 2023 for each of the next five years (in thousands):
|
|
|
|
Year |
|
Amount |
2024 |
|
$ |
1,744,778 |
2025 |
|
|
1,321,318 |
2026 |
|
|
2,231,259 |
2027 |
|
|
3,283,980 |
2028 |
|
|
1,940,397 |
Thereafter |
|
|
3,907,320 |
Total |
|
$ |
14,429,052 |
|