| Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of September 30, 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 |
|
Financing Fees |
|
Amount |
|
Amount |
|
Leveling |
2027 1.125% Exchangeable Notes |
|
|
192,037 |
|
|
(1,343) |
|
|
190,694 |
|
|
194,418 |
|
Level 2 |
2027 2.5% Exchangeable Notes |
|
|
24,138 |
|
|
(182) |
|
|
23,956 |
|
|
24,749 |
|
Level 2 |
2030 0.875% Exchangeable Notes |
|
|
353,876 |
|
|
(2,999) |
|
|
350,877 |
|
|
409,845 |
|
Level 2 |
2030 0.750% Exchangeable Notes |
|
|
1,407,000 |
|
|
(26,454) |
|
|
1,380,546 |
|
|
1,408,829 |
|
Level 2 |
The following is a summary of NCLC’s exchangeable notes as of December 31, 2024 (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 |
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.
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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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Coupon interest |
|
$ |
6,806 |
|
$ |
12,238 |
|
$ |
27,611 |
|
$ |
39,983 |
Amortization of deferred financing fees |
|
|
2,237 |
|
|
2,727 |
|
|
7,058 |
|
|
8,339 |
Total |
|
$ |
9,043 |
|
$ |
14,965 |
|
$ |
34,669 |
|
$ |
48,322 |
|
| 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 September 30, 2025 (in thousands):
|
|
|
|
Year |
|
Amount |
Remainder of 2025 |
|
$ |
239,054 |
2026 |
|
|
871,543 |
2027 |
|
|
1,028,106 |
2028 |
|
|
1,263,333 |
2029 |
|
|
1,288,623 |
2030 |
|
|
3,546,368 |
Thereafter |
|
|
6,692,524 |
Total |
|
$ |
14,929,551 |
|