XML 55 R48.htm IDEA: XBRL DOCUMENT v3.5.0.2
Borrowings - Additional Information (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2016
USD ($)
Debt Instrument [Line Items]  
Covenant compliance As of June 30, 2016, Navios Partners was in compliance with the financial covenants of all of its credit facilities.
July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility  
Debt Instrument [Line Items]  
Restrictive covenants The July 2012 Credit Facility, the September 2014 Credit Facility, the April 2015 Credit Facility and the June 2016 Credit Facility contain 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; not maintaining Navios Holdings' (or its affiliates) ownership in Navios Partners of at least 15.0%; 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.
Description of violation or event of default The July 2012 Credit Facility, the September 2014 Credit Facility, the April 2015 Credit Facility and the June 2016 Credit Facility also require compliance with a number of financial covenants, including: (i) maintain a required security amount ranging over 105% to 140%; (ii) minimum free consolidated liquidity of at least the higher of $25,000 and the aggregate of interest and principal falling due during the previous six months; (iii) maintain a ratio of EBITDA to interest expense of at least 2.00 : 1.00; (iv) maintain a ratio of total liabilities to total assets (as defined in our credit facilities) ranging of less than 0.75 or 0.80: 1.00; and (v) maintain a minimum net worth to $135,000 for the periods prior to any distributions by the Company, whilst during the last quarter prior to any distribution declaration should maintain: (a) a ratio of EBITDA to interest expense of at least 5.00 : 1.00; (b) a ratio of total liabilities to total assets (as defined in our credit facilities) of less than 0.65 : 1.00; and (c) a minimum net worth to $250,000. It is an event of default under the credit facilities if such covenants are not complied with in accordance with the terms and subject to the prepayment or cure provision of each facility.
Minimum net worth required for compliance $ 135,000
Minimum free consolidated liquidity 25,000
July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | During the last quarter prior to any distribution declaration  
Debt Instrument [Line Items]  
Minimum net worth required for compliance $ 250,000
Minimum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility  
Debt Instrument [Line Items]  
Ratio of EBITDA to interest expense 200.00%
Security cover ratio 105.00%
Minimum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | During the last quarter prior to any distribution declaration  
Debt Instrument [Line Items]  
Ratio of EBITDA to interest expense 500.00%
Minimum | Term Loan B including addition  
Debt Instrument [Line Items]  
Loan to value ratio 80.00%
Minimum | Navios Holdings  
Debt Instrument [Line Items]  
Ownership percentage of Navios Holdings 15.00%
Maximum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility  
Debt Instrument [Line Items]  
Total Liabilities to Total Assets ratio 75.00%
Security cover ratio 140.00%
Maximum | July 2012 Credit Facility, September 2014 Credit Facility and April 2015 Credit Facility | During the last quarter prior to any distribution declaration  
Debt Instrument [Line Items]  
Total Liabilities to Total Assets ratio 65.00%