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Long-Term Debt
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Long-Term Debt
e following (in thousands):

 
2015
 
2014
$1.4 billion unsecured revolving credit facility, LIBOR plus 1.50%, currently 1.92% and a facility fee of 0.25%, due 2020
$
945,000

 
$
713,000

$1.2 billion unsecured revolving credit facility, LIBOR plus 1.50%, currently 1.89% and a facility fee of 0.25%, due 2018
895,000

 
778,000

Unsecured senior notes and senior debentures, 5.25% to 7.50%, due 2016, 2018, 2022 and 2027
1,434,542

 
1,721,190

$742.1 million unsecured senior notes, LIBOR plus 1.30%, currently 1.83%, due through 2027
711,180

 

$530 million unsecured term loan, LIBOR plus 0.51%, due through 2015

 
37,857

$519 million unsecured term loan, LIBOR plus 0.45%, currently 0.98%, due through 2020
216,311

 
259,573

$420 million unsecured term loan, 5.41%, due through 2021
207,223

 
241,827

$420 million unsecured term loan, LIBOR plus 1.85%, currently 2.38%, due through 2021
210,000

 
245,000

€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 1.60%, due through 2021
86,650

 
112,540

$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 0.96%, due through 2021
262,250

 
305,958

$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.89%, due through 2022
306,621

 
353,793

$1.1 billion unsecured term loan, LIBOR plus 1.85%, currently 2.38%, due through 2022
537,426

 
614,203

$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 0.86%, due through 2023
421,306

 
473,969

$673.5 million unsecured term loan, LIBOR plus 0.40%, currently 0.93%, due through 2024
505,106

 
561,228

$65.0 million unsecured term loan, LIBOR plus 1.75%, currently 2.17%, due through 2019
71,500

 
51,100

$1.0 million unsecured term loan, 3.00%, due through 2015

 
750

$380.0 million unsecured term loan, LIBOR plus 1.75%, currently 2.17%, due 2018
380,000

 
380,000

$791.1 million unsecured term loan, LIBOR plus 1.30%, currently 1.83%, due through 2026
725,182

 
791,108

$290.0 million unsecured term loan, LIBOR plus 1.75%, currently 2.17%, due 2018
290,000

 
290,000

€365 million unsecured term loan, EURIBOR plus 1.75%, currently 1.75%, due 2017
396,755

 
441,687

$7.3 million unsecured term loan, LIBOR plus 2.5%, currently 3.02%, due through 2023
4,440

 
4,915

$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 4.24%, due through 2021
11,793

 
13,603

Capital lease obligations
48,770

 
52,647

 
8,667,055

 
8,443,948

Less—current portion
(899,677
)
 
(799,630
)
Long-term portion
$
7,767,378

 
$
7,644,318



In April 2015, we took delivery of Anthem of the Seas. To finance the purchase, we borrowed $742.1 million under a previously committed unsecured term loan which is 95% guaranteed by Euler Hermes Deutschland AG ("Hermes"), the official export credit agency of Germany. The loan amortizes semi-annually over 12 years and bears interest at LIBOR plus a margin of 1.30%, totaling 1.83% as of December 31, 2015. Refer to Note 14. Fair Value Measurements and Derivative Instruments for information regarding interest rate swap agreements related to this loan.

In June 2015, we amended and restated our $1.1 billion unsecured revolving credit facility due July 2016. The amendment reduced the applicable margin and facility fee and extended the termination date to June 2020. The applicable margin and facility fee vary with our debt rating and were 1.50% and 0.25%, respectively, as of December 31, 2015. We have the right to extend the termination date by up to two years, subject to lender consent. Furthermore, in October 2015, we received increased lender commitments in the amount of $300.0 million, bringing our total capacity under this facility to $1.4 billion. In July 2015, we also amended our $1.2 billion unsecured revolving credit facility due August 2018 to reduce pricing in line with the amended pricing of the $1.1 billion unsecured revolving credit facility. These amendments did not result in the extinguishment of debt. Accordingly, as of December 31, 2015, we have an aggregate revolving borrowing capacity of $2.6 billion.

In July 2015, we also amended our $380.0 million, €365.0 million, $290.0 million and $65.0 million unsecured term loans due at various dates from 2016 through 2019 to reduce the applicable margins. The margins are currently 1.75% for each loan based on our debt rating as of December 31, 2015. The termination date of the $290 million unsecured term loan was extended from February 2016 to February 2018. None of these amendments resulted in the extinguishment of debt.

In February 2016, we amended our unsecured term loans for Oasis of the Seas and Allure of the Seas primarily to reduce the margins on those facilities. The interest rate on both the $420.0 million floating rate tranche of the Oasis of the Seas term loan and the $1.1 billion Allure of the Seas term loan was reduced from LIBOR plus 1.85% to LIBOR plus 1.65%. These amendments did not result in the extinguishment of debt.
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 from (1) 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 2.35% 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, 2015 for each of the next five years (in thousands):
Year
 
2016
$
899,677

2017
938,036

2018
2,252,577

2019
609,901

2020
1,483,728

Thereafter
2,483,136

 
$
8,667,055