| Schedule of long-term debt |
Long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
|
Balance |
|
|
December 31, |
|
Maturities |
|
December 31, |
|
|
2025 |
|
2024 |
|
Through |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Loan Facility |
|
5.54 |
% |
6.77 |
% |
2030 |
|
$ |
1,100,000 |
|
$ |
245,000 |
$450.0 million 5.375% exchangeable notes |
|
— |
|
5.38 |
% |
2025 |
|
|
— |
|
|
448,527 |
$1,150.0 million 1.125% exchangeable notes |
|
1.13 |
% |
1.13 |
% |
2027 |
|
|
190,940 |
|
|
1,137,711 |
$473.2 million 2.50% exchangeable notes |
|
2.50 |
% |
2.50 |
% |
2027 |
|
|
23,989 |
|
|
467,764 |
$353.9 million 0.875% exchangeable notes |
|
0.88 |
% |
— |
|
2030 |
|
|
351,047 |
|
|
— |
$1,407.0 million 0.75% exchangeable notes |
|
0.75 |
% |
— |
|
2030 |
|
|
1,381,861 |
|
|
— |
$1,000.0 million 5.875% senior secured notes |
|
— |
|
5.88 |
% |
2027 |
|
|
— |
|
|
993,581 |
$315.0 million 6.25% senior unsecured notes |
|
6.25 |
% |
6.25 |
% |
2030 |
|
|
311,508 |
|
|
310,623 |
$600.0 million 7.75% senior unsecured notes |
|
7.75 |
% |
7.75 |
% |
2029 |
|
|
596,043 |
|
|
594,782 |
$790.0 million 8.125% senior secured notes |
|
— |
|
8.13 |
% |
2029 |
|
|
— |
|
|
781,372 |
$600.0 million 8.375% senior secured notes |
|
— |
|
8.38 |
% |
2028 |
|
|
— |
|
|
593,041 |
$525.0 million 6.125% senior unsecured notes |
|
6.13 |
% |
6.13 |
% |
2028 |
|
|
522,587 |
|
|
521,495 |
$1,425.0 million 5.875% senior unsecured notes |
|
— |
|
5.88 |
% |
2026 |
|
|
— |
|
|
1,420,523 |
$1,200 million 5.875% senior unsecured notes |
|
5.88 |
% |
— |
|
2031 |
|
|
1,187,147 |
|
|
— |
$1,800 million 6.75% senior unsecured notes |
|
6.75 |
% |
— |
|
2032 |
|
|
1,779,568 |
|
|
— |
$850 million 6.25% senior unsecured notes |
|
6.25 |
% |
— |
|
2033 |
|
|
840,713 |
|
|
— |
€529.8 million Breakaway one loan (1) |
|
— |
|
5.88 |
% |
2026 |
|
|
— |
|
|
56,343 |
€529.8 million Breakaway two loan (1) |
|
— |
|
5.12 |
% |
2027 |
|
|
— |
|
|
130,055 |
€590.5 million Breakaway three loan (1) |
|
3.27 |
% |
3.47 |
% |
2027 |
|
|
136,998 |
|
|
212,637 |
€729.9 million Breakaway four loan (1) |
|
3.16 |
% |
3.32 |
% |
2029 |
|
|
253,664 |
|
|
337,406 |
€710.8 million Seahawk 1 term loan (1) |
|
3.99 |
% |
4.10 |
% |
2030 |
|
|
318,924 |
|
|
401,919 |
€748.7 million Seahawk 2 term loan (1) |
|
3.98 |
% |
4.06 |
% |
2031 |
|
|
453,183 |
|
|
542,721 |
Leonardo newbuild one loan |
|
2.68 |
% |
2.68 |
% |
2034 |
|
|
794,901 |
|
|
878,378 |
Leonardo newbuild two loan |
|
2.77 |
% |
2.77 |
% |
2035 |
|
|
861,689 |
|
|
942,721 |
Leonardo newbuild three loan |
|
1.83 |
% |
1.88 |
% |
2037 |
|
|
1,071,919 |
|
|
246,738 |
Leonardo newbuild four loan |
|
1.96 |
% |
1.97 |
% |
2038 |
|
|
278,144 |
|
|
186,090 |
Explorer newbuild loan |
|
3.76 |
% |
3.97 |
% |
2028 |
|
|
83,959 |
|
|
121,395 |
Splendor newbuild loan |
|
3.20 |
% |
3.41 |
% |
2032 |
|
|
236,484 |
|
|
282,809 |
Grandeur newbuild loan |
|
3.70 |
% |
3.70 |
% |
2035 |
|
|
423,012 |
|
|
462,691 |
Marina newbuild loan |
|
— |
|
6.78 |
% |
2027 |
|
|
— |
|
|
33,696 |
Riviera newbuild loan |
|
— |
|
6.00 |
% |
2026 |
|
|
— |
|
|
22,536 |
Vista newbuild loan |
|
3.64 |
% |
3.64 |
% |
2035 |
|
|
468,804 |
|
|
515,151 |
Allura newbuild loan |
|
1.50 |
% |
— |
|
2037 |
|
|
623,168 |
|
|
— |
Prestige newbuild loan |
|
5.72 |
% |
6.38 |
% |
2038 |
|
|
156,239 |
|
|
104,269 |
Prestige Class 2 newbuild loan |
|
5.72 |
% |
6.38 |
% |
2041 |
|
|
15,105 |
|
|
15,105 |
Sonata newbuild loan |
|
5.72 |
% |
6.38 |
% |
2039 |
|
|
119,123 |
|
|
65,535 |
Arietta newbuild loan |
|
5.72 |
% |
6.38 |
% |
2040 |
|
|
16,752 |
|
|
16,752 |
Finance lease and license obligations |
|
Various |
|
Various |
|
2028 |
|
|
8,705 |
|
|
11,124 |
Total debt |
|
|
|
|
|
|
|
|
14,606,176 |
|
|
13,100,490 |
Less: current portion of long-term debt |
|
|
|
|
|
|
|
|
(875,899) |
|
|
(1,323,769) |
Total long-term debt |
|
|
|
|
|
|
|
$ |
13,730,277 |
|
$ |
11,776,721 |
| (1) |
Currently U.S. dollar-denominated. |
|
| Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized |
|
|
|
|
|
|
|
|
|
|
Principal |
|
Deferred |
|
Net Carrying |
|
Fair Value |
|
|
Amount |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2027 1.125% Exchangeable Notes |
|
$ |
192,037 |
|
$ |
(1,097) |
|
$ |
190,940 |
|
$ |
190,988 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
24,138 |
|
|
(149) |
|
|
23,989 |
|
|
24,285 |
|
Level 2 |
2030 0.875% Exchangeable Notes |
|
|
353,876 |
|
|
(2,829) |
|
|
351,047 |
|
|
387,692 |
|
Level 2 |
2030 0.750% Exchangeable Notes |
|
|
1,407,000 |
|
|
(25,139) |
|
|
1,381,861 |
|
|
1,354,111 |
|
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. During the three months ended September 30, 2025, substantially all the remaining holders of the 2025 Exchangeable Notes elected to exchange their notes for 5,120,487 NCLH ordinary shares and the remaining unexchanged notes were repaid in cash at maturity.
|
|
| 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, portions of which can be settled in NCLH ordinary shares, and finance lease obligations as of December 31, 2025 for each of the next five years (in thousands):
|
|
|
|
Year |
|
Amount |
2026 |
|
$ |
875,899 |
2027 |
|
|
1,036,770 |
2028 |
|
|
1,271,964 |
2029 |
|
|
1,297,287 |
2030 |
|
|
3,805,032 |
Thereafter |
|
|
6,707,657 |
Total |
|
$ |
14,994,609 |
|