Note 4. Long-Term Debt Long-term debt consists of the following (in thousands):
1996			1995
$1 billion revolving credit facility, LIBOR   plus .30% interest rate on balances   outstanding, .15% fee on entire facility   (5.86% as of December 31, 1996),   due 2001	$	182,000	$	166,000
7-1/8% Senior Notes, due 2002		149,099		148,943
8-1/8% Senior Notes, due 2004		123,602		123,415
8-1/4% Senior Notes, due 2005		149,046		148,930
7-1/4% Senior Notes, due 2006		172,764		-
11-3/8% Senior Subordinated Notes, due 2002		104,033		103,956
Capital lease obligation, implicit interest   rate of 7.8% through 2010		238,214		244,448
Capital lease obligation, implicit interest   rate of 7.8% through 2011		248,209		-
		1,366,967		935,692
Less-current portion		(13,061)		(6,234)
Long-term portion	$	1,353,906	$	929,458

In 1996, the Company amended and restated its $750.0 million unsecured revolving credit facility with a $1.0 billion unsecured revolving credit facility (the "$1 Billion Revolving Credit Facility") under which the Company may borrow, and have outstanding thereunder, up to $1.0 billion until June 2001. The contractual interest rate on balances outstanding varies with the Company's debt rating. In addition, the $1 Billion Revolving Credit Facility contains a competitive bid provision which may allow the Company to borrow funds at less than the contractual interest rate. The Senior Notes are unsecured and are not redeemable prior to maturity. The Senior Subordinated Notes are redeemable at the Company's option, in whole or in part, on any date subsequent to May 14, 1997 at pre-established redemption prices together with accrued and unpaid interest to the redemption date. The Company entered into a $264.0 million capital lease to finance Splendour of the Seas and a $260.0 million capital lease to finance Legend of the Seas in 1996 and 1995, respectively. The capital leases have semi-annual payments of $12.8 million and $12.6 million, respectively, and both leases have an implicit interest rate of 7.8% over 15 years. As a result of the early retirement of various debt during 1994, the Company recognized an extraordinary charge of $5.7 million, of which $4.0 million was non-cash. The Company's debt agreements contain covenants that require the Company, among other things, to maintain minimum liquidity amounts, net worth and fixed charge coverage ratios and limit debt to capital ratios. The Company is in compliance with all covenants as of December 31, 1996. Following is a schedule of principal repayments on long-term debt (in thousands):

Year
1997	$	13,061
1998		14,102
1999		15,225
2000		16,438
2001		199,748
Thereafter		1,108,393
	$	1,366,967

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