| 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 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 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 |
|