
	Interest Rate (1)	Maturities Through	As of March 31, 2024		As of December 31, 2023
Fixed rate debt:
Unsecured senior notes	3.70% to 9.25%	2026 - 2032	$	7,898	$	7,899
Secured senior notes	8.25%	2029	1,000		1,000
Unsecured term loans	1.28% to 5.89%	2027 - 2035	6,420		6,569
Convertible notes	6.00%	2025	1,150		1,150
Total fixed rate debt			16,468		16,618
Variable rate debt:
Unsecured revolving credit facilities (2)	6.76% to 7.48%	2025 - 2028	304		899
USD unsecured term loan	6.05% to 9.95%	2024 - 2037	3,555		3,666
Euro unsecured term loan	5.00% to 6.14%	2024 - 2028	352		443
Total variable rate debt			4,211		5,008
Finance lease liabilities			363		369
Total debt (3)			21,042		21,995
Less: unamortized debt issuance costs			(523)		(543)
Total debt, net of unamortized debt issuance costs			20,519		21,452
Less—current portion			(1,643)		(1,720)
Long-term portion			$	18,876	$	19,732

(2) Advances under our unsecured revolving credit facilities accrue interest at Term SOFR plus a 0.10% credit adjustment spread plus an interest rate margin primarily at 1.33%. Based on applicable Term SOFR rates, as of March 31, 2024, the maximum interest rate under the unsecured credit facilities was 6.76%. We also pay a facility fee primarily at 0.17% of the total commitments under such facility.

As of March 31, 2024 our aggregate revolving credit capacity is $3.6 billion of which $1.8 billion of the commitments are scheduled to mature in October 2026, $1.8 billion of the commitments are scheduled to mature in October 2028, and the remaining $77 million of commitments are scheduled to mature in April 2025. As of March 31, 2024, we had undrawn capacity of $3.3 billion under our unsecured revolving credit facilities.

In March 2024, we issued $1.25 billion of senior unsecured notes (the "notes") due in 2032 for net proceeds of approximately $1.24 billion. Interest accrues on the notes at a fixed rate of 6.25% per annum and is payable semi-annually in arrears. The proceeds from this notes issuance, together with cash on hand, were used to redeem all of the outstanding $1.25 billion aggregate principal amount of 11.625% Senior Notes due 2027. The repayment resulted in a loss on extinguishment of debt of $116 million that was recognized within Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss) for the quarter ended March 31, 2024.

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, 2024, 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.

Our revolving credit facilities, the majority of our term loans, and 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, 2024, our credit facility amendments require us to prepay outstanding deferred amounts of $839 million, if we elect to pay dividends or complete share repurchases. As of March 31, 2024, we were in compliance with our debt covenants and we estimate we will be in compliance for the next twelve months.