| Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of June 30, 2026 (in thousands):
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|
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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 |
|
$ |
(626) |
|
$ |
191,411 |
|
$ |
188,400 |
|
Level 2 |
2027 2.5% Exchangeable Notes (1) |
|
|
24,138 |
|
|
(87) |
|
|
24,051 |
|
|
23,854 |
|
Level 2 |
2030 0.875% Exchangeable Notes |
|
|
353,876 |
|
|
(2,520) |
|
|
351,356 |
|
|
371,191 |
|
Level 2 |
2030 0.750% Exchangeable Notes |
|
|
1,407,000 |
|
|
(22,754) |
|
|
1,384,246 |
|
|
1,304,753 |
|
Level 2 |
| (1) |
Classified within current portion of long-term debt as of June 30, 2026. Additionally, in May 2026, NCLC elected to irrevocably fix the settlement method to cash settlement for all exchanges of the 2027 1.125% Exchangeable Notes and 2027 2.5% Exchangeable Notes, pursuant to the applicable indentures. |
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 |
|
| 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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Coupon interest |
|
$ |
4,103 |
|
$ |
8,567 |
|
$ |
8,148 |
|
$ |
20,805 |
Amortization of deferred financing fees |
|
|
1,723 |
|
|
2,340 |
|
|
3,426 |
|
|
4,821 |
Total |
|
$ |
5,826 |
|
$ |
10,907 |
|
$ |
11,574 |
|
$ |
25,626 |
|
| 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 and finance lease obligations as of June 30, 2026 (in thousands):
|
|
|
|
Year |
|
Amount |
Remainder of 2026 |
|
$ |
477,842 |
2027 |
|
|
1,105,695 |
2028 |
|
|
1,340,922 |
2029 |
|
|
1,364,816 |
2030 |
|
|
3,949,587 |
2031 |
|
|
1,865,359 |
Thereafter |
|
|
5,363,524 |
Total |
|
$ |
15,467,745 |
|