| Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of March 31, 2026 (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 |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2027 1.125% Exchangeable Notes (1) |
|
$ |
192,037 |
|
$ |
(866) |
|
$ |
191,171 |
|
$ |
186,654 |
|
Level 2 |
2027 2.5% Exchangeable Notes (1) |
|
|
24,138 |
|
|
(119) |
|
|
24,019 |
|
|
23,718 |
|
Level 2 |
2030 0.875% Exchangeable Notes |
|
|
353,876 |
|
|
(2,680) |
|
|
351,196 |
|
|
350,458 |
|
Level 2 |
2030 0.750% Exchangeable Notes |
|
|
1,407,000 |
|
|
(24,044) |
|
|
1,382,956 |
|
|
1,248,783 |
|
Level 2 |
| (1) |
Classified within current portion of long-term debt as of March 31, 2026. |
The following is a summary of NCLC’s exchangeable notes as of December 31, 2025 (in thousands):
|
|
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|
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|
|
|
|
|
|
|
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|
|
|
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Unamortized |
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|
|
|
|
|
|
|
|
|
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 |
|
| 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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|
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|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2026 |
|
2025 |
Coupon interest |
|
$ |
4,045 |
|
$ |
12,238 |
Amortization of deferred financing fees |
|
|
1,703 |
|
|
2,481 |
Total |
|
$ |
5,748 |
|
$ |
14,719 |
|
| 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 March 31, 2026 (in thousands):
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|
|
|
Year |
|
Amount |
Remainder of 2026 |
|
$ |
718,364 |
2027 |
|
|
1,108,536 |
2028 |
|
|
1,343,762 |
2029 |
|
|
1,367,656 |
2030 |
|
|
3,822,427 |
2031 |
|
|
1,868,199 |
Thereafter |
|
|
5,380,563 |
Total |
|
$ |
15,609,507 |
|