Debt (Tables)

12 Months Ended

Dec. 31, 2017

Long-term debt consists of the following:



	December 31, 2017			December 31, 2016
First Lien Facility / Exit Financing Facility*	$	—		$	209,099,000
Debt issuance costs - First Lien / Exit Financing Facility	—			(4,746,682		)
First Lien Facility / Exit Financing Facility net of debt issuance costs	—			204,352,318
Second Lien Facility	—			67,327,843
Debt discount and Debt issuance costs - Second Lien Facility	—			(15,736,617		)
Second Lien Facility, net of debt discount and debt issuance costs	—			51,591,226
Norwegian Bond Debt	200,000,000			—
Debt discount and debt issuance costs - Norwegian Bond Debt	(6,049,671		)	—
Norwegian Bond Debt, net of debt discount and debt issuance costs	193,950,329			—
New First Lien Facility *	65,000,000			—
Debt discount and debt issuance costs - New First Lien Facility	(1,241,815		)	—
New First Lien Facility, net of debt discount and debt issuance costs	63,758,185			—
Ultraco Debt Facility	61,200,000			—
Debt discount and debt issuance costs - Ultraco Debt Facility	(1,224,838		)	—
Ultraco Debt Facility, net of debt discount and debt issuance costs	59,975,162			—
Less: Current Portion - Norwegian Bond Debt	(4,000,000		)	—
Total long-term debt	$	313,683,676		$	255,943,544

*Includes loan balances on term loan and revolver loan facility under the New First Lien Facility and First Lien Facility as of December 31, 2017 and December 31, 2016

Debt Instrument Redemption

The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including:



Period		Redemption Price
First Call Date to, but not including, the Interest Payment Date in November 2020		104.125%
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021		103.3%
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021		102.475%
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022		101.65%
Interest Payment Date in May 2022 to, but not including, the Maturity Date		100%

Schedule Of Interest Expense

Interest Expense consisted of:



	For the Years Ended
	December 31, 2017		December 31, 2016		December 31, 2015
First Lien Facility / Exit Financing Facility interest	$	10,305,275	$	9,938,822	$	9,781,106
Amortization of debt discount and debt issuance costs	5,927,984		4,532,481		2,146,316
Payment in kind interest on Second Lien Facility	10,098,401		7,327,843		—
Ultraco Debt Facility interest	1,269,581		—		—
Norwegian Bond Debt interest	1,558,333		—		—
New First Lien Facility interest	209,420		—		—
Commitment fees - Super Senior Revolver Facility	8,000		—		—
Total Interest Expense	$	29,376,994	$	21,799,146	$	11,927,422

Schedule of Maturities of Long-term Debt

The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years.



	Norwegian Bond Debt		New First Lien Facility		Ultraco Debt Facility		Total

2018	$	4,000,000	$	—	$	—	$	4,000,000
2019	8,000,000		10,750,000		8,011,350		26,761,350
2020	8,000,000		8,600,000		6,409,080		23,009,080
2021	8,000,000		8,600,000		6,409,080		23,009,080
2022	172,000,000		37,050,000		40,370,490		249,420,490
	$	200,000,000	$	65,000,000	$	61,200,000	$	326,200,000