Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of March 31, 2025 (in thousands):
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Unamortized |
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Principal |
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Deferred |
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Net Carrying |
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Fair Value |
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|
Amount |
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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):
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Unamortized |
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|
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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 $353.9 million to long-term debt as this portion was refinanced using proceeds from the 2030 Exchangeable Notes prior to issuance of this report and the remainder was classified within current portion of long-term debt. We expect that the remaining holders of the 2025 Exchangeable Notes will exchange their 2025 Exchangeable Notes for NCLH ordinary shares.
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Schedule of interest expense of exchangeable notes |
The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands):
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Three Months Ended |
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|
March 31, |
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2025 |
|
2024 |
Coupon interest |
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$ |
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):
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|
|
|
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 |
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