| Schedule of long-term debt |
Long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
|
Balance |
|
|
December 31, |
|
Maturities |
|
December 31, |
|
|
2024 |
|
2023 |
|
Through |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Loan Facility |
|
6.77 |
% |
— |
|
2026 |
|
$ |
245,000 |
|
$ |
— |
$862.5 million 6.000% exchangeable notes |
|
— |
|
6.00 |
% |
2024 |
|
|
— |
|
|
146,044 |
$450.0 million 5.375% exchangeable notes |
|
5.38 |
% |
5.38 |
% |
2025 |
|
|
448,527 |
|
|
446,027 |
$1,150.0 million 1.125% exchangeable notes |
|
1.13 |
% |
1.13 |
% |
2027 |
|
|
1,137,711 |
|
|
1,132,079 |
$473.2 million 2.50% exchangeable notes |
|
2.50 |
% |
2.50 |
% |
2027 |
|
|
467,764 |
|
|
465,339 |
$1,000.0 million 5.875% senior secured notes |
|
5.88 |
% |
5.88 |
% |
2027 |
|
|
993,581 |
|
|
990,560 |
$315.0 million 6.25% senior unsecured notes |
|
6.25 |
% |
— |
|
2030 |
|
|
310,623 |
|
|
— |
$600.0 million 7.75% senior unsecured notes |
|
7.75 |
% |
7.75 |
% |
2029 |
|
|
594,782 |
|
|
593,521 |
$790.0 million 8.125% senior secured notes |
|
8.13 |
% |
8.13 |
% |
2029 |
|
|
781,372 |
|
|
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 |
% |
8.38 |
% |
2028 |
|
|
593,041 |
|
|
590,796 |
$525.0 million 6.125% senior unsecured notes |
|
6.13 |
% |
6.13 |
% |
2028 |
|
|
521,495 |
|
|
520,402 |
$1,425.0 million 5.875% senior unsecured notes |
|
5.88 |
% |
5.88 |
% |
2026 |
|
|
1,420,523 |
|
|
1,416,779 |
$565.0 million 3.625% senior unsecured notes |
|
— |
|
3.63 |
% |
2024 |
|
|
— |
|
|
563,788 |
€529.8 million Breakaway one loan (1) |
|
5.88 |
% |
6.73 |
% |
2026 |
|
|
56,343 |
|
|
140,721 |
€529.8 million Breakaway two loan (1) |
|
5.12 |
% |
5.18 |
% |
2027 |
|
|
130,055 |
|
|
216,317 |
€590.5 million Breakaway three loan (1) |
|
3.47 |
% |
3.86 |
% |
2027 |
|
|
212,637 |
|
|
303,184 |
€729.9 million Breakaway four loan (1) |
|
3.32 |
% |
3.66 |
% |
2029 |
|
|
337,406 |
|
|
437,721 |
€710.8 million Seahawk 1 term loan (1) |
|
4.10 |
% |
4.35 |
% |
2030 |
|
|
401,919 |
|
|
501,416 |
€748.7 million Seahawk 2 term loan (1) |
|
4.06 |
% |
4.27 |
% |
2031 |
|
|
542,721 |
|
|
650,189 |
Leonardo newbuild one loan |
|
2.68 |
% |
2.68 |
% |
2034 |
|
|
878,378 |
|
|
960,901 |
Leonardo newbuild two loan |
|
2.77 |
% |
2.77 |
% |
2035 |
|
|
942,721 |
|
|
1,022,829 |
Leonardo newbuild three loan |
|
1.88 |
% |
1.89 |
% |
2037 |
|
|
246,738 |
|
|
199,689 |
Leonardo newbuild four loan |
|
1.97 |
% |
1.31 |
% |
2038 |
|
|
186,090 |
|
|
42,037 |
Explorer newbuild loan |
|
3.97 |
% |
4.37 |
% |
2028 |
|
|
121,395 |
|
|
166,239 |
Splendor newbuild loan |
|
3.41 |
% |
3.62 |
% |
2032 |
|
|
282,809 |
|
|
333,143 |
Grandeur newbuild loan |
|
3.70 |
% |
3.70 |
% |
2035 |
|
|
462,691 |
|
|
501,987 |
Marina newbuild loan |
|
6.78 |
% |
7.06 |
% |
2027 |
|
|
33,696 |
|
|
56,283 |
Riviera newbuild loan |
|
6.00 |
% |
6.84 |
% |
2026 |
|
|
22,536 |
|
|
67,683 |
Vista newbuild loan |
|
3.64 |
% |
3.64 |
% |
2035 |
|
|
515,151 |
|
|
560,943 |
Prestige newbuild loan |
|
6.38 |
% |
— |
|
2038 |
|
|
104,269 |
|
|
— |
Prestige Class 2 newbuild loan |
|
6.38 |
% |
— |
|
2041 |
|
|
15,105 |
|
|
— |
New Oceania Cruises class 1 newbuild loan |
|
6.38 |
% |
— |
|
2039 |
|
|
65,535 |
|
|
— |
New Oceania Cruises class 2 newbuild loan |
|
6.38 |
% |
— |
|
2040 |
|
|
16,752 |
|
|
— |
Finance lease and license obligations |
|
Various |
|
Various |
|
2028 |
|
|
11,124 |
|
|
13,372 |
Total debt |
|
|
|
|
|
|
|
|
13,100,490 |
|
|
14,058,925 |
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
(1,323,769) |
|
|
(1,744,778) |
Total long-term debt |
|
|
|
|
|
|
|
$ |
11,776,721 |
|
$ |
12,314,147 |
| (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, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized |
|
|
|
|
|
|
|
|
|
|
Principal |
|
Deferred |
|
Net Carrying |
|
Fair Value |
|
|
Amount |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2025 Exchangeable Notes (1) |
|
$ |
449,990 |
|
$ |
(1,463) |
|
$ |
448,527 |
|
$ |
641,560 |
|
Level 2 |
2027 1.125% Exchangeable Notes |
|
|
1,150,000 |
|
|
(12,289) |
|
|
1,137,711 |
|
|
1,177,347 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
473,175 |
|
|
(5,411) |
|
|
467,764 |
|
|
492,395 |
|
Level 2 |
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 (2) |
|
$ |
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 |
|
| 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 |
|
Year Ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2022 |
Coupon interest |
|
|
52,222 |
|
|
57,750 |
|
|
55,759 |
Amortization of deferred financing fees |
|
|
11,086 |
|
|
11,669 |
|
|
11,143 |
Total |
|
$ |
63,308 |
|
$ |
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, 2024 for each of the next five years (in thousands):
|
|
|
|
Year |
|
Amount |
2025 |
|
$ |
1,323,769 |
2026 |
|
|
2,486,641 |
2027 |
|
|
3,309,072 |
2028 |
|
|
1,720,518 |
2029 |
|
|
1,935,834 |
Thereafter |
|
|
2,612,675 |
Total |
|
$ |
13,388,509 |
|