2.4.0.811100 - Disclosure - BORROWINGStruefalsefalse1falsefalsefalseFYp0YTDhttp://www.sec.gov/CIK0001415921duration2013-01-01T00:00:002013-06-30T00:00:001true1us-gaap_DebtDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_DebtDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div><font style="font-face: Times New Roman" size="2" color="#000000"><b>NOTE 7 - BORROWINGS</b></font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"><b></b>Borrowings as of June 30, 2013 and December 31, 2012 consisted of the following:</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="352"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="21"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="27"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
</tr>
<tr>
<td width="352" height="20"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td colspan="2" width="59"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>June 30,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b> 2013</b></font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td colspan="2" width="65"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b> 2012</b></font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
</tr>
<tr>
<td width="352" height="10" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Term Loan B facility</font></div></td>
<td width="28" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="21" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td>
<td width="37" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">250,000</font></div></td>
<td width="9" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="28" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="27" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td>
<td width="37" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td>
<td width="9" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
</tr>
<tr>
<td width="352" height="10"><div><font style="font-face: Times New Roman" size="2" color="#000000">Credit facilities</font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="21"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">100,020</font></div></td>
<td width="9"><div> </div></td>
<td width="28"><div> </div></td>
<td width="27"><div> </div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">299,709</font></div></td>
<td width="9"><div> </div></td>
</tr>
<tr>
<td width="352" height="1" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total borrowings</b></font></div></td>
<td width="28" bgcolor="#ccecff"><div> </div></td>
<td width="21" bgcolor="#ccecff"><div> </div></td>
<td width="37" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>350,020</b></font></div></td>
<td width="9" bgcolor="#ccecff"><div> </div></td>
<td width="28" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="27" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td>
<td width="37" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>299,709</b></font></div></td>
<td width="9" bgcolor="#ccecff"><div> </div></td>
</tr>
<tr>
<td width="352" height="9"><div><font style="font-face: Times New Roman" size="2" color="#000000">Less: Unamortized discount </font></div></td>
<td width="28"><div> </div></td>
<td width="21"><div> </div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(4,989)</font></div></td>
<td width="9"><div> </div></td>
<td width="28"><div> </div></td>
<td width="27"><div> </div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td>
<td width="9"><div> </div></td>
</tr>
<tr>
<td width="352" height="1" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Less: current portion, net of unamortized discount</font></div></td>
<td width="28" bgcolor="#ccecff"><div> </div></td>
<td width="21" bgcolor="#ccecff"><div> </div></td>
<td width="37" bgcolor="#ccecff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(2,472)</font></div></td>
<td width="9" bgcolor="#ccecff"><div> </div></td>
<td width="28" bgcolor="#ccecff"><div> </div></td>
<td width="27" bgcolor="#ccecff"><div> </div></td>
<td width="37" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000">(23,727</font></div></td>
<td width="9" bgcolor="#ccecff"><div><font style="font-face: Times New Roman" size="2" color="#000000">) </font></div></td>
</tr>
<tr>
<td width="352" height="10"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total long-term borrowings, net of unamortized discount</b></font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="21"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>$</b></font></div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>342,559</b></font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>  </b></font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="27"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>$</b></font></div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>275,982</b></font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>  </b></font></div></td>
</tr>
<tr>
<td width="352" height="4"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="21"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="28"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="27"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="9"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
</tr>
</table>
<div><font style="font-face: Times New Roman" size="2" color="#000000">In June 2013, Navios Partners completed the issuance of the Term Loan B facility. The Term Loan B facility bears an interest rate of LIBOR + 425 basis points and has a five-year term with 1.0% amortization profile and was issued at 98%. Navios Partners used the net proceeds of the Term Loan B facility to: i) prepay $101,614 of the July 2012 Credit Facility; ii) fully repay the outstanding balance $41,225 of the August 2012 Credit Facility; iii)  $98,179 held in escrow, to partially finance part of the acquisition of four new vessels; and iv) cover fees and expenses. As of June 30, 2013, the outstanding balance was $245,000, net of discount and it is repayable in 20 installments of $625 with a final payment $237,500.</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000">The Term Loan B facility is secured by first priority mortgages covering certain vessels owned by subsidiaries of Navios Partners, in addition to other collateral and guaranteed by each subsidiary of Navios Partners. The Term Loan Agreement requires maintenance of a loan to value ratio of 0.8 to 1.0, and other restrictive covenants customary for facilities of this type (subject to negotiated exceptions and baskets), including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. The Term Loan Agreement also provides for customary events of default.</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div>
<div><font style="font-face: Times New Roman" size="2" color="#000000">In June 2013, Navios Partners amended the July 2012 Credit Facility and prepaid $101,614 from the proceeds of the Term Loan B facility. The prepayment will be applied in partial settlement of the next 16 installments. As of June 30, 2013, the outstanding balance was $100,020 and is repayable in 16 installments, plus a final payment, in various amounts during the term of the July 2012 Credit Facility consisting of $496 (five quarterly installments), $3,456 (nine quarterly installments), $2,346 (one quarterly installment) and $5,867 (one quarterly installment) with a final payment of $58,223. The July 2012 Credit Facility bears interest at rates ranging from 180 to 205 bps per annum (depending on the loan amount compared to the security value) plus, depending on the length of the interest period, either LIBOR or the actual cost of funds. The refinancing of this facility was accounted for as debt modification in accordance with ASC470 Debt and an amount of $1,319 was written-off from the deferred financing fees.</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000">In June 2013, Navios Partners fully repaid the outstanding balance of $41,225 of the August 2012 Credit facility from the proceeds of the Term Loan B facility. The refinancing of this facility was accounted for as debt extinguishment in accordance with ASC470 Debt and the remaining unamortized balance of $707 was written-off from the deferred financing fees.</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"> As of June 30, 2013, the total borrowings under the Navios Partners' credit facilities were $345,031. As of June 30, 2013, Navios Partners was in compliance with the financial covenants of its credit facilities.</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000">Amounts drawn under the July 2012 Credit Facility are secured by first preferred mortgages on Navios Partners' vessels and other collateral and are guaranteed by each vessel-owning subsidiary. The July 2012 Credit Facility contains a number of restrictive covenants that prohibit or limit Navios Partners from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels; changing the flag, class, management or ownership of Navios Partners' vessels; changing the commercial and technical management of Navios Partners' vessels; selling or changing the beneficial ownership or control of Navios Partners' vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels, including the fixed daily fee payable under the management agreement. The July 2012 Credit Facility also requires Navios Partners to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. The July 2012 Credit Facility also requires compliance with a number of financial covenants of Navios Partners, including Net Worth, debt coverage ratios and minimum liquidity. It is an event of default under the loan facilities if such covenants are not complied with.</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000">The maturity table below reflects the principal payments due under its credit facilities for the 12-month periods ended June 30:</font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div>
<div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="407"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="17"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="8"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
</tr>
<tr>
<td width="407" height="10"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year</b></font></div></td>
<td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td colspan="2" width="54"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amount</b></font></div></td>
<td width="8"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
</tr>
<tr>
<td width="407" height="10" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2014</font></div></td>
<td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> $</font></div></td>
<td width="37" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,492</font></div></td>
<td width="8" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
</tr>
<tr>
<td width="407" height="10"><div><font style="font-face: Times New Roman" size="2" color="#000000">2015</font></div></td>
<td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">6,334</font></div></td>
<td width="8"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
</tr>
<tr>
<td width="407" height="10" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2016</font></div></td>
<td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">16,324</font></div></td>
<td width="8" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
</tr>
<tr>
<td width="407" height="10"><div><font style="font-face: Times New Roman" size="2" color="#000000">2017</font></div></td>
<td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">18,735</font></div></td>
<td width="8"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
</tr>
<tr>
<td width="407" height="10" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2018</font></div></td>
<td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">305,135</font></div></td>
<td width="8" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
</tr>
<tr>
<td width="407" height="10"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>$</b></font></div></td>
<td width="37"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>350,020</b></font></div></td>
<td width="8"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>  </b></font></div></td>
</tr>
<tr>
<td width="407" height="1"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td>
<td width="17"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="37"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
<td width="8"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td>
</tr>
</table>
<div></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
false0falseBORROWINGSUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.navios-mlp.com/role/DisclosureBorrowings12