Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.24.0.1
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
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):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 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

​

Year Ended

​

​

December 31, 2023

​

December 31, 2022

Coupon interest

​

​

57,750

​

​

55,759

Amortization of deferred financing fees

​

​

11,669

​

​

11,143

Total

​

$

69,419

​

$

66,902

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