Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.22.0.1
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of long-term debt

Long-term debt consisted of the following:

Interest Rate

Balance

December 31, 

Maturities

December 31, 

    

2021

    

2020

    

Through

    

2021

    

2020

(in thousands)

$875.0 million senior secured Revolving Loan Facility

2.10

%  

1.90

%  

2024

$

875,000

$

875,000

Term Loan A Facility

2.07

%  

1.93

%  

2024

 

1,508,025

 

1,536,417

$400.0 million L. Catterton exchangeable notes (1)

7.00

%  

2026

278,148

$862.5 million 6.000% exchangeable notes

6.00

%  

6.00

%  

2024

143,193

834,941

$450.0 million 5.375% exchangeable notes

5.38

%  

5.38

%  

2025

441,475

439,390

$1,150.0 million 1.125% exchangeable notes

1.13

%  

2027

1,121,052

$675.0 million 12.25% senior secured notes (2)

12.25

%  

12.25

%  

2024

427,164

650,178

$750.0 million 10.25% senior secured notes

10.25

%  

10.25

%  

2026

481,834

739,295

$525.0 million 6.125% senior unsecured notes

6.13

%  

2028

518,229

$850.0 million 5.875% senior unsecured notes

5.88

%  

5.88

%  

2026

 

1,409,336

 

837,659

$565.0 million 3.625% senior unsecured notes

3.63

%  

3.63

%  

2024

561,248

560,019

$260 million Norwegian Jewel term loan

1.52

%  

2022

221,718

$230 million Pride of America term loan

1.15

%  

2022

 

 

229,558

€529.8 million Breakaway one loan (3)

1.12

%  

1.15

%  

2026

 

308,585

 

307,529

€529.8 million Breakaway two loan (3)

3.47

%  

3.90

%  

2027

 

344,436

 

343,214

€590.5 million Breakaway three loan (3)

2.65

%  

2.83

%  

2027

 

483,109

 

481,085

€729.9 million Breakaway four loan (3)

2.71

%  

2.85

%  

2029

 

636,868

 

633,699

€710.8 million Seahawk 1 term loan (3)

3.44

%  

3.69

%  

2030

 

699,131

 

695,843

€748.7 million Seahawk 2 term loan (3)

3.50

%  

3.71

%  

2031

 

863,891

 

860,212

Leonardo newbuild one loan

2.68

%  

2.68

%  

2034

 

256,179

 

95,563

Leonardo newbuild two loan

2.77

%  

2.77

%  

2035

 

193,455

 

48,009

Leonardo newbuild three loan

1.22

%  

1.22

%  

2036

 

43,298

 

46,519

Leonardo newbuild four loan

1.31

%  

1.31

%  

2037

 

43,298

 

46,519

Splendor newbuild loan

2.88

%  

2.97

%  

2032

405,937

402,177

Explorer newbuild loan

3.40

%  

3.39

%  

2028

 

254,548

 

251,634

Marina newbuild loan

1.07

%  

1.03

%  

2027

 

134,737

 

134,821

Riviera newbuild loan

1.01

%  

0.96

%  

2026

 

202,888

 

203,038

Term loan - newbuild related

4.50

%  

2.50

%  

2022

68,220

26,387

Finance lease and license obligations

Various

 

Various

 

2028

 

21,454

 

27,547

Total debt

 

  

12,446,590

 

11,806,119

Less: current portion of long-term debt

 

  

(876,890)

 

(124,885)

Total long-term debt

 

  

$

11,569,700

$

11,681,234

(1) Included a discount related to a beneficial conversion feature of $124.5 million as of December 31, 2020.
(2) Includes an original issue discount of $2.9 million and $5.9 million as of December 31, 2021 and 2020, respectively.
(3) Currently U.S. dollar-denominated.
Schedule of debt instrument interest rate

Margin

€529.8 million Breakaway one loan (Norwegian Breakaway)

1.10

%  

€529.8 million Breakaway two loan (Norwegian Getaway)

1.40

%  

€590.5 million Breakaway three loan (Norwegian Escape)

1.50

%  

€729.9 million Breakaway four loan (Norwegian Joy)

1.50

%  

€710.8 million Seahawk 1 term loan (Norwegian Bliss)

1.20

%  

€748.7 million Seahawk 2 term loan (Norwegian Encore)

1.20

%  

Explorer newbuild loan

3.00

%  

Splendor newbuild loan

1.95

%  

Marina newbuild loan

0.75

%  

Riviera newbuild loan

0.75

%  

Schedule of convertible debt instruments

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 Exchangeable Notes

1,150,000

(28,948)

1,121,052

1,088,510

Level 2

The following is a summary of the liability component of NCLC’s exchangeable notes as of December 31, 2020 (in thousands):

Unamortized Debt

Discount,

Principal

including Deferred

Net Carrying

Fair Value

    

Amount

    

Financing Fees

    

Amount

    

Amount

    

Leveling

2024 Exchangeable Notes

$

862,500

$

(27,559)

$

834,941

$

1,812,975

Level 2

2025 Exchangeable Notes

450,000

(10,609)

439,391

772,412

Level 2

Private Exchangeable Notes

414,311

(136,163)

278,148

1,098,082

Level 2

Schedule of interest expense of convertible debt instruments

The following provides a summary of the interest expense recognized related to the exchangeable notes (in thousands):

Year Ended

December 31, 2021

Coupon interest

77,591

Amortization of deferred financing fees

10,360

Total

$

87,951

Schedule of principal repayments on long-term debt including finance lease obligations

The following are scheduled principal repayments on long-term debt, including finance lease obligations, as of December 31, 2021 for each of the next five years (in thousands):

Year

    

Amount

2022

$

876,890

2023

 

937,406

2024

 

4,125,223

2025

 

1,071,019

2026

 

2,461,973

Thereafter

 

3,159,466

Total

$

12,631,977