| Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of September 30, 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 |
|
$ |
(377) |
|
$ |
191,660 |
|
$ |
188,106 |
|
Level 2 |
2027 2.5% Exchangeable Notes (1) |
|
|
24,138 |
|
|
(52) |
|
|
24,086 |
|
|
23,765 |
|
Level 2 |
2030 0.875% Exchangeable Notes |
|
|
353,876 |
|
|
(2,349) |
|
|
351,527 |
|
|
314,107 |
|
Level 2 |
2030 0.750% Exchangeable Notes |
|
|
1,407,000 |
|
|
(21,416) |
|
|
1,385,584 |
|
|
1,140,824 |
|
Level 2 |
| (1) |
Classified within current portion of long-term debt as of September 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):
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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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|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Coupon interest |
|
$ |
4,103 |
|
$ |
6,806 |
|
$ |
12,251 |
|
$ |
27,611 |
Amortization of deferred financing fees |
|
|
1,792 |
|
|
2,237 |
|
|
5,218 |
|
|
7,058 |
Total |
|
$ |
5,895 |
|
$ |
9,043 |
|
$ |
17,469 |
|
$ |
34,669 |
|
| 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 September 30, 2026 (in thousands):
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|
|
|
Year |
|
Amount |
Remainder of 2026 |
|
$ |
238,600 |
2027 |
|
|
1,105,695 |
2028 |
|
|
1,346,141 |
2029 |
|
|
1,370,035 |
2030 |
|
|
4,134,290 |
2031 |
|
|
1,875,062 |
Thereafter |
|
|
5,428,176 |
Total |
|
$ |
15,497,999 |
|