Long-Term Debt

Long-term debt consists of the following (in thousands):



	2013			2012
$1.1 billion unsecured revolving credit facility, LIBOR plus 1.75%, currently 1.91% and a facility fee of 0.3675%, due 2016	$	435,000		$	48,000
$850 million unsecured revolving credit facility, LIBOR plus 1.75%, currently 1.92% and a facility fee of 0.3675%, due 2018	295,000			12,000
Unsecured senior notes and senior debentures, 5.25% to 11.88%, due 2015, 2016, 2018, 2022 and 2027	1,703,040			2,698,531
€745 million unsecured senior notes, 5.63%, due 2014	1,028,126			1,004,940
$570 million unsecured term loan, 4.02%, due through 2013	—			40,714
$589 million unsecured term loan, 4.47%, due through 2014	42,071			126,214
$530 million unsecured term loan, LIBOR plus 0.51%, currently 0.87%, due through 2015	113,571			189,286
$519 million unsecured term loan, LIBOR plus 0.45%, currently 0.81%, due through 2020	302,835			346,097
$420 million unsecured term loan, 5.41%, due through 2021⁽¹⁾	274,974			318,230
$420 million unsecured term loan, LIBOR plus 2.10%, currently 2.46%, due through 2021⁽¹⁾	280,000			315,000
€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 1.92%, due through 2021⁽¹⁾	146,452			157,643
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 0.90%, due through 2021	349,667			393,375
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.74%, due through 2022	400,966			448,138
$1.1 billion unsecured term loan, LIBOR plus 2.10%, currently 2.46%, due through 2022⁽²⁾	690,978			767,754
$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 0.80%, due through 2023	526,632			579,295
$673.5 million unsecured term loan, LIBOR plus 0.40%, currently 0.77%, due through 2024	617,351			673,474
$290.0 million unsecured term loan, LIBOR plus 2.5%, currently 2.67%, due 2016	290,000			290,000
€365 million unsecured term loan, EURIBOR plus 3.0%, currently 3.23%, due 2017	502,934			—
$7.3 million unsecured term loan, LIBOR plus 2.5%, currently 2.93%, due through 2023	5,391			5,867
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 3.99%, due through 2021	15,073			22,458
Capital lease obligations	54,743			52,931
	8,074,804			8,489,947
Less-current portion	(1,563,378		)	(1,519,483		)
Long-term portion	$	6,511,426		$	6,970,464

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(1)	Corresponds to Oasis of the Seas unsecured term loan. With respect to 60% of the financing, the lenders have the ability to exit the facility in October 2015.


(2)	Corresponds to Allure of the Seas unsecured term loan. With respect to 100% of the financing, the lenders have the ability to exit the facility in October 2017.

During 2013, we borrowed €365.0 million, or approximately $502.9 million based on the exchange rate at December 31, 2013, under a previously committed unsecured term loan facility. The proceeds of this loan were used to repay amounts outstanding under our unsecured revolving credit facilities.

During 2013, we amended and restated our $525.0 million unsecured revolving credit facility due November 2014. The amendment increased capacity under this facility to $850.0 million, reduced the applicable margin and fees and extended the termination date to August 2018. Interest on the amended facility accrues at a floating rate based on LIBOR plus the applicable margin. The applicable margin and facility fee vary with our debt rating. Under the amended facility, we have the ability to increase the capacity of the facility by an additional $300.0 million from time to time subject to the receipt of additional or increased lender commitments. In addition, during 2013 we increased the capacity of our unsecured revolving credit facility due July 2016 by $20.0 million, bringing our total capacity under this facility to $1.1 billion. Accordingly, as of December 31, 2013, we have an aggregate revolving borrowing capacity of $2.0 billion.

In August 2013, we entered into a delayed draw credit agreement which provides an unsecured term loan facility in an amount up to $380.0 million. During January 2014, we fully drew on this facility. The loan is due and payable at maturity in August 2018. Interest on the loan accrues at a floating rate based on LIBOR plus the applicable margin. The applicable margin varies with our debt rating and would have been 2.12% as of December 31, 2013. In addition, as of December 31, 2013, we are subject to a commitment fee of 0.37% per annum of the undrawn amount. The proceeds from this loan facility were used towards our bond maturity in January 2014.

During 2013, we repurchased $21.0 million of our 11.875% unsecured senior notes due 2015. Total consideration paid in connection with the repurchase, including premium and related fees and expenses, was $24.9 million. During 2012, we repurchased €255.0 million or approximately $328.0 million in aggregate principal amount of our €1.0 billion 5.625% unsecured senior notes due 2014 through a debt tender offer conducted outside of the United States. Total consideration paid in connection with the tender offer, including premium and related fees and expenses was $344.6 million. The repurchase of the unsecured senior notes resulted in losses on the extinguishment of debt of approximately $4.2 million and $7.5 million in 2013 and 2012, respectively, which were recognized in earnings immediately.

In December 2013, we entered into a delayed draw credit agreement which provides an unsecured term loan facility in an amount up to $65.0 million. The loan is due and payable at maturity in December 2019. Interest on the loan accrues at a floating rate based on LIBOR plus the applicable margin. The applicable margin varies with our debt rating and would have been 2.12% as of December 31, 2013. In addition, as of December 31, 2013, we are subject to a commitment fee of 0.37% per annum of the undrawn amount. As of the date of this filing, we have not drawn on this facility.

Certain of our unsecured ship financing term loans are guaranteed by the export credit agency in the respective country in which the ship is constructed. In consideration for these guarantees, depending on the financing arrangement, we pay to the applicable export credit agency fees that range from either (1) 0.88% to 1.48% per annum based on the outstanding loan balance semi-annually over the term of the loan (subject to adjustment under certain of our facilities based upon our credit ratings) or (2) an upfront fee of approximately 2.3% to 2.37% of the maximum loan amount. We amortize the fees that are paid upfront over the life of the loan and those that are paid semi-annually over each respective payment period. We classify these fees within Debt issuance costs in our consolidated statements of cash flows and within Other assets in our consolidated balance sheets.

Under certain of our agreements, the contractual interest rate, facility fee and/or export credit agency fee vary with our debt rating.

The unsecured senior notes and senior debentures are not redeemable prior to maturity, except that certain series may be redeemed upon the payment of a make-whole premium.

Following is a schedule of annual maturities on long-term debt including capital leases as of December 31, 2013 for each of the next five years (in thousands):



Year
2014	$	1,563,378
2015	1,051,912
2016	1,474,827
2017	1,247,158
2018	728,276
Thereafter	2,009,253
	$	8,074,804