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Debt | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt | Note 6. Debt Debt consists of the following (in thousands):
|  | Interest Rate (1) |  | Maturities Through |  | As of March 31, 2023 |  | As of December 31, 2022
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% to 11.63% |  | 2026 - 2030 |  | $ | 7,898,504 |  |  | $ | 7,199,331 |
Secured senior notes |  | 8.25% to 11.50% |  | 2025 - 2029 |  | 2,373,981 |  |  | 2,370,855 |
Unsecured term loans |  | 1.28% to 5.89% |  | 2027 - 2034 |  | 4,439,699 |  |  | 4,561,129 |
Convertible notes |  | 2.88% to 6.00% |  | 2023 - 2025 |  | 1,725,000 |  |  | 1,725,000 |
Total fixed rate debt |  |  |  |  |  | 16,437,184 |  |  | 15,856,315 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities (2) |  | 6.20% to 6.95% |  | 2024 - 2025 |  | 371,971 |  |  | 2,744,105 |
USD unsecured term loan |  | 5.71% to 9.69% |  | 2023 - 2037 |  | 4,198,261 |  |  | 4,335,973 |
Euro unsecured term loan |  | 6.46% to 7.09% |  | 2023 - 2028 |  | 544,488 |  |  | 534,589 |
Total variable rate debt |  |  |  |  |  | 5,114,720 |  |  | 7,614,667 |
Finance lease liabilities |  |  |  |  |  | 336,892 |  |  | 351,332 |
Total debt (3) |  |  |  |  |  | 21,888,796 |  |  | 23,822,314 |
Less: unamortized debt issuance costs |  |  |  |  |  | (428,685) |  |  | (431,123) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 21,460,111 |  |  | 23,391,191 |
Less—current portion |  |  |  |  |  | (2,055,307) |  |  | (2,087,711) |
Long-term portion |  |  |  |  |  | $ | 19,404,804 |  |  | $ | 21,303,480 |
(1) Interest rates based on outstanding loans as of March 31, 2023, and for variable rate debt include either LIBOR, EURIBOR or Term SOFR plus the applicable margin. (2) Advances under our $1.9 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.40% to 2.15%. Advances under our $1.1 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.80% to 2.15%. Based on applicable Term SOFR rates, as of March 31, 2023, the interest rates under the $1.9 billion facility and the $1.1 billion facility were 6.20% and 6.95%, respectively. We also pay a facility fee for each facility ranging from 0.20% to 0.30% of the total commitments under such facility. (3) At March 31, 2023 and December 31, 2022, the weighted average interest rate for total debt was 6.35% and 6.23%, respectively. Unsecured revolving credit facilities In January 2023, we amended and extended the majority of our two unsecured revolving credit facilities. The amendment extended the maturities of $2.3 billion of the $3.0 billion aggregate revolving credit capacity by one year to April 2025, with the remainder maturing in April 2024. Additionally, during the quarter ended March 31, 2023 we repaid $2.4 billion under our revolving credit facilities, resulting in an aggregate borrowing capacity of $2.6 billion under our unsecured revolving credit facilities as of March 31, 2023. Our revolving credit facilities were partially utilized through a combination of amounts drawn and letters of credit issued under the facilities as of March 31, 2023. Debt financing transactions In February 2023, we issued $700 million aggregate principal amount of 7.25% senior guaranteed notes due January 2030 ("7.25% Priority Guaranteed Notes"). Upon closing, we terminated our commitment for the $700 million 364-day term loan facility. In addition, the remaining $350 million backstop committed financing was also terminated upon closing, which resulted in an immaterial loss on extinguishment of debt. Export credit agency guarantees Except for the term loans we incurred to acquire Celebrity Flora and Silver Moon, 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. For the majority of the loans as of March 31, 2023, we pay to the applicable export credit agency, depending on the financing agreement, an upfront fee of 2.35% to 5.48% of the maximum loan amount in consideration for these guarantees. We amortize the fees that are paid upfront over the life of the loan. We classify these fees within Amortization of debt issuance costs, discounts and premiums in our consolidated statements of cash flows. Prior to the loan being drawn, we present these fees within Other assets in our consolidated balance sheets. Once the loan is drawn, such fees are classified as a discount to the related loan, or contra-liability account, within Current portion of long-term debt or long-term debt. Debt covenants Our export credit facilities and our non-export credit facilities have an outstanding principal amount of approximately $9.4 billion as of March 31, 2023. These facilities, as well as certain of our credit card processing agreements, contain covenants that require us, among other things, to maintain a fixed charge coverage ratio, limit our net debt-to-capital ratio, maintain minimum liquidity, and under certain facilities, to maintain a minimum stockholders' equity. As of March 31, 2023, we were in compliance with our debt covenants and we estimate we will be in compliance for the next twelve months. The following is a schedule of annual maturities on our total debt, including finance leases, as of March 31, 2023 for each of the next five years (in thousands):
Year | As of March 31, 2023 (1)
Remainder of 2023 | $ | 1,806,425 |
2024 | 2,295,347 |
2025 | 3,671,929 |
2026 | 2,753,605 |
2027 | 3,494,845 |
Thereafter | 7,866,645 |
| $ | 21,888,796 |
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at March 31, 2023.

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