Long-Term Debt

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT

At December 31, 2019 and 2018, long-term debt consisted of the following:



	2019		2018
$400,000 Revolving credit facility at variable interest rate (5.26%¹ weighted average at December 31, 2019), due August 2023⁴ secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries, net of unamortized debt issuance costs of $4,586 and $3,537, respectively²	$	196,414	$	283,463
$400,000 Senior notes, 7.25% interest, including unamortized premium of $344 and $650, respectively, also net of unamortized debt issuance costs of $770 and $1,454 respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, due February 2021, unsecured^2,3	373,374		372,996
Total long-term debt	$	569,788	$	656,459

¹ Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. All amounts outstanding at December 31, 2019 and 2018 were at LIBOR plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.25% to 3.50% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.25% to 2.50%. The applicable margin for LIBOR borrowings at December 31, 2019 is 3.50%. The credit facility contains various covenants which limit the Partnership’s ability to make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Omnibus Agreement. The Partnership is permitted to make quarterly distributions so long as no event of default exists.

² The Partnership is in compliance with all debt covenants as of December 31, 2019.

³The indentures governing the 2021 Notes restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets.

⁴On July 18, 2019, the Partnership amended its revolving credit facility to, among other things, extend the maturity date from March 2020 to August 2023 and reduce commitments from $500,000 to $400,000. The Partnership's amended revolving credit facility includes a provision which accelerates the maturity date to August 2020 if the 2021 Notes are not refinanced in a manner not prohibited by the facility, by August 19, 2020.

The Partnership paid cash interest, net of capitalized interest, in the amount of $48,025, $50,543, and $45,728 for the years ended December 31, 2019, 2018 and 2017, respectively. Capitalized interest was $5, $624, and $730 for the years ended December 31, 2019, 2018 and 2017, respectively.