Long-Term Debt

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



	2016			2015
$1.4 billion unsecured revolving credit facility, LIBOR plus 1.50%, currently 2.26% and a facility fee of 0.25%, due 2020	$	925,000		$	945,000
$1.2 billion unsecured revolving credit facility, LIBOR plus 1.50%, currently 2.24% and a facility fee of 0.25%, due 2018	805,000			895,000
Unsecured senior notes and senior debentures, 5.25% to 7.50%, due 2018, 2022 and 2027	1,073,261			1,434,542
$200 million unsecured term loan, LIBOR plus 1.30%, currently 2.06% due 2017	200,000			—
$841.8 million unsecured term loan, LIBOR plus 1.00%, currently 2.26% due through 2028	806,756			—
$226.1 million unsecured term loan, 2.53%, due through 2028	216,677			—
€700.7 million unsecured term loan, EURIBOR plus 1.15% currently 1.15%, due through 2028	708,417			—
$742.1 million unsecured term loan, LIBOR plus 1.30%, currently 2.56%, due through 2027	649,338			711,180
$273.2 million unsecured term loan, LIBOR plus 1.75%, currently 2.52%, due 2017	273,166			—
$519 million unsecured term loan, LIBOR plus 0.45%, currently 1.71%, due through 2020	173,049			216,311
$420 million unsecured term loan, 5.41%, due through 2021	171,444			207,223
$420 million unsecured term loan, LIBOR plus 1.65%, currently 2.91%, due through 2021	175,000			210,000
€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 1.58%, due through 2021	70,082			86,650
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 1.48%, due through 2021	218,542			262,250
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 1.63%, due through 2022	259,448			306,621
$1.1 billion unsecured term loan, LIBOR plus 1.65%, currently 2.91%, due through 2022	460,652			537,426
$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 1.38%, due through 2023	368,643			421,306
$673.5 million unsecured term loan, LIBOR plus 0.40%, currently 1.66%, due through 2024	448,983			505,106
$65.0 million unsecured term loan, LIBOR plus 1.75%, currently 2.52%, due through 2019	67,027			71,500
$380.0 million unsecured term loan, LIBOR plus 1.75%, currently 2.52%, due 2018	380,000			380,000
$791.1 million unsecured term loan, LIBOR plus 1.30%, currently 2.56%, due through 2026	659,256			725,182
$290.0 million unsecured term loan, LIBOR plus 1.75%, currently 2.52%, due 2018	290,000			290,000
€365 million unsecured term loan, EURIBOR plus 1.75%, currently 1.75%, due 2017	123,963			396,755
$7.3 million unsecured term loan, LIBOR plus 2.5%, currently 3.76%, due through 2023	3,964			4,440
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 4.70%, due through 2021	6,597			11,793
Capital lease obligations	40,385			48,770
Total debt	9,574,650			8,667,055
Less: unamortized debt issuance costs	(187,214		)	(139,812		)
Total debt, net of unamortized debt issuance costs	9,387,436			8,527,243
Less: current portion	(1,285,735		)	(899,542		)
Long-term portion	$	8,101,701		$	7,627,701

In February 2016, we amended our unsecured term loans for Oasis of the Seas and Allure of the Seas to reduce the margins on those facilities and incorporate certain covenant improvements included in our more recent credit 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.

In February 2016, we agreed with the lenders on our €365.0 million unsecured term loan due 2017 to convert €247.5 million, or $273.2 million, of the outstanding principal balance from Euro to United States dollars. Interest on the new United States dollar tranche accrues at a floating rate based on LIBOR plus the applicable margin. The balance of the facility of €117.5 million will remain outstanding in Euro and will continue to accrue interest at a floating rate based on EURIBOR, subject to a 0% floor, plus the applicable margin. The applicable margin varies with our debt rating and was 1.75% as of December 31, 2016. The amendment did not result in the extinguishment of debt.

In April 2016, we took delivery of Ovation of the Seas. To finance the purchase, we borrowed $841.8 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 1.00%, totaling 2.26% as of December 31, 2016. During 2015, we entered into forward-starting interest rate swap agreements which effectively converted $830.0 million of the loan from the floating rate available to us per the credit agreement to a fixed rate, including the applicable margin, of 3.16% effective from April 2016 through the maturity of the loan. See Note 14. Fair Value Measurements and Derivative Instruments for further information regarding these agreements.

In April 2016, we entered into and drew in full on a credit agreement which provides an unsecured term loan in the amount of $200 million. The loan is due and payable at maturity in April 2017. Interest on the loan accrues at a floating rate based on LIBOR plus a margin of 1.30%, totaling 2.06% as of December 31, 2016. The proceeds from this loan were used to repay amounts outstanding under our unsecured revolving credit facilities.

In May 2016, we took delivery of Harmony of the Seas. To finance the purchase, we borrowed an unsecured Euro-denominated term loan in the amount of €700.7 million, or $739.2 million based on the exchange rate at December 31, 2016, and an unsecured United States dollar-denominated term loan in the amount of $226.1 million under previously committed credit agreements. Both of the facilities are 100% guaranteed by Compagnie Francaise d’Assurance pour le Commerce Extérieur (“COFACE”), the official export credit agency of France. The Euro-denominated term loan amortizes semi-annually over 12 years and bears interest at EURIBOR, subject to a 0% floor, plus the applicable margin of 1.15%, totaling 1.15% as of December 31, 2016. The United States dollar-denominated term loan amortizes semi-annually over 12 years and bears interest at a fixed rate of 2.53%. During 2015, we entered into forward-starting interest rate swap agreements which effectively converted €693.4 million, or $731.5 million based on the exchange rate at December 31, 2016, of the Euro-denominated term loan from the floating rate per the credit agreement to a fixed rate, including the applicable margin, of 2.26% effective from May 2016 through the maturity of the loan. See Note 14. Fair Value Measurements and Derivative Instruments for further information regarding these agreements.

All 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 (1) fees from 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, 2016 for each of the next five years (in thousands):



Year
2017	$	1,285,735
2018	2,309,952
2019	754,496
2020	1,608,187
2021	632,920
Thereafter	2,796,146
	$	9,387,436