Quarterly report [Sections 13 or 15(d)]

Long-Term Debt (Tables)

v3.25.1
Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of exchangeable notes

The following is a summary of NCLC’s exchangeable notes as of March 31, 2025 (in thousands):

Unamortized

Principal

Deferred

Net Carrying

Fair Value

    

Amount

    

Financing Fees

    

Amount

    

Amount

    

Leveling

2025 Exchangeable Notes (1)

$

449,990

$

(907)

$

449,083

$

498,481

Level 2

2027 1.125% Exchangeable Notes

1,150,000

(10,931)

1,139,069

1,096,893

Level 2

2027 2.5% Exchangeable Notes

473,175

(4,844)

468,331

460,688

Level 2

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

(1) Classified within current portion of long-term debt as of December 31, 2024. As of March 31, 2025, we reclassified $353.9 million to long-term debt as this portion was refinanced using proceeds from the 2030 Exchangeable Notes prior to issuance of this report and the remainder was classified within current portion of long-term debt. We expect that the remaining holders of the 2025 Exchangeable Notes will exchange their 2025 Exchangeable Notes for NCLH ordinary shares.
Schedule of interest expense of exchangeable notes

The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands):

Three Months Ended

March 31, 

2025

    

2024

Coupon interest

$

12,238

$

14,437

Amortization of deferred financing fees

2,481

2,903

Total

$

14,719

$

17,340

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 NCLH ordinary shares, and finance lease obligations as of March 31, 2025 (in thousands):

Year

    

Amount

Remainder of 2025 (1)

$

735,587

2026

 

1,036,013

2027

 

3,373,639

2028

 

1,197,638

2029

 

2,012,928

2030 (1)

1,878,674

Thereafter

 

4,126,917

Total

$

14,361,396