Long-Term Debt	9 Months Ended
Sep. 30, 2013
Long-Term Debt
Long-Term Debt	Note 4. Long-Term Debt In June 2013, we borrowed €365.0 million, or approximately $494.1 million based on the exchange rate at September 30, 2013, under a previously committed unsecured term loan facility. The loan is due and payable at maturity in July 2017. Interest on the loan accrues at a floating rate based on EURIBOR plus the applicable margin. The applicable margin varies with our debt rating and was 3.0% as of September 30, 2013. The proceeds of this loan were used to repay amounts outstanding under our unsecured revolving credit facilities. In August 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 varies with our debt rating and was 1.75% as of September 30, 2013. In addition, we are subject to a facility fee which varies with our debt rating and was 0.37% as of September 30, 2013. 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, we increased the capacity of our unsecured revolving credit facility due July 2016 by $20.0 million in March 2013, bringing our total capacity under this facility to $1.1 billion. Accordingly, as of September 30, 2013, we have an aggregate revolving borrowing capacity of $2.0 billion. In August 2013, we entered into a credit agreement which provides an unsecured term loan facility in an amount up to $380.0 million. We have the ability to draw on this facility at anytime on or prior to January 20, 2014. As of the date of this filing, we have not drawn on this facility. All amounts borrowed under the facility will be 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 September 30, 2013. In addition, we are subject to a commitment fee of 0.37% per annum of the undrawn amount. We anticipate the proceeds from the agreements noted above will be used primarily as part of our refinancing strategy for our remaining maturities in 2013 and 2014. In September 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 resulting in a loss on the early extinguishment of debt of approximately $4.2 million which was immediately recognized in earnings. In July 2013, we entered into a credit agreement for the financing of the third Oasis-class ship, which is scheduled for delivery in the second quarter of 2016. The credit agreement makes available to us an unsecured term loan in an amount of €892.2 million, or approximately $1.2 billion, based on the exchange rate at September 30, 2013. Compagnie Francaise d’Assurance pour le Commerce Extérieur (“COFACE”), the official export credit agency of France, has agreed to guarantee to the lenders payment of 100% of the financing. The loan amortizes semi-annually and will mature 12 years following delivery of the ship. Interest on the loan will accrue at our election at either a fixed rate of 2.6% or a floating rate at EURIBOR plus a margin of 1.15%.

Note 4. Long-Term Debt

In June 2013, we borrowed €365.0 million, or approximately $494.1 million based on the exchange rate at September 30, 2013, under a previously committed unsecured term loan facility. The loan is due and payable at maturity in July 2017. Interest on the loan accrues at a floating rate based on EURIBOR plus the applicable margin. The applicable margin varies with our debt rating and was 3.0% as of September 30, 2013. The proceeds of this loan were used to repay amounts outstanding under our unsecured revolving credit facilities.

In August 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 varies with our debt rating and was 1.75% as of September 30, 2013. In addition, we are subject to a facility fee which varies with our debt rating and was 0.37% as of September 30, 2013. 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, we increased the capacity of our unsecured revolving credit facility due July 2016 by $20.0 million in March 2013, bringing our total capacity under this facility to $1.1 billion. Accordingly, as of September 30, 2013, we have an aggregate revolving borrowing capacity of $2.0 billion.

In August 2013, we entered into a credit agreement which provides an unsecured term loan facility in an amount up to $380.0 million. We have the ability to draw on this facility at anytime on or prior to January 20, 2014. As of the date of this filing, we have not drawn on this facility. All amounts borrowed under the facility will be 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 September 30, 2013. In addition, we are subject to a commitment fee of 0.37% per annum of the undrawn amount.

We anticipate the proceeds from the agreements noted above will be used primarily as part of our refinancing strategy for our remaining maturities in 2013 and 2014.

In September 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 resulting in a loss on the early extinguishment of debt of approximately $4.2 million which was immediately recognized in earnings.

In July 2013, we entered into a credit agreement for the financing of the third Oasis-class ship, which is scheduled for delivery in the second quarter of 2016. The credit agreement makes available to us an unsecured term loan in an amount of €892.2 million, or approximately $1.2 billion, based on the exchange rate at September 30, 2013. Compagnie Francaise d’Assurance pour le Commerce Extérieur (“COFACE”), the official export credit agency of France, has agreed to guarantee to the lenders payment of 100% of the financing. The loan amortizes semi-annually and will mature 12 years following delivery of the ship. Interest on the loan will accrue at our election at either a fixed rate of 2.6% or a floating rate at EURIBOR plus a margin of 1.15%.