| Schedule of exchangeable notes |
The following is a summary of NCLC’s exchangeable notes as of June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | Unamortized | | | | | | | | | | | Principal | | Deferred | | Net Carrying | | Fair Value | | | 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 |
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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): | | | | | | | | | | | | | | | 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 |
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| 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 |
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