Note 5 - Long-term Debt

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

5

– LONG-TERM DEBT

	As of March 31, 2019									As of December 31, 2018
	(unaudited)
(In thousands)	Principal			Deferred Financing Costs, net			Balance			Principal			Deferred Financing Costs, net			Balance
Note payable	$	2,525		$	-		$	2,525		$	2,525		$	-		$	2,525
Credit Facility		198,500			(11,020	)		187,480			199,000			(11,436	)		187,564
Total long-term debt		201,025			(11,020	)		190,005			201,525			(11,436	)		190,089
Less current portion		(2,000	)		-			(2,000	)		(2,000	)		-			(2,000	)
Total long-term debt, non-current	$	199,025		$	(11,020	)	$	188,005		$	199,525		$	(11,436	)	$	188,089

For the

three

months ended

March 31, 2019

and

2018,

deferred financing costs charged to interest expense was

$0.4

 million and

$0.6

million, respectively.

Credit Facility

In

March 2018,

the Company entered into the Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), providing for a

$200.0

million senior secured

first

lien term loan facility (the “Term Facility”), maturing

March 2025,

and a

$45.0

million senior secured incremental revolving credit facility (the “Revolving Facility”), which includes a

$5.0

million letter of credit sub-facility. The Term Facility bears interest at an adjusted Intercontinental Exchange (“ICE”) Benchmark administration LIBOR plus a spread of

3.50%,

for an aggregated rate of

5.99%

as of

March 31, 2019.

Borrowings under the Revolving Facility

may

be used for general corporate and working capital purposes and related fees and expenses. As of

March 31, 2019,

the Company had

no

borrowings under the Revolving Facility.

Senior Secured Credit Agreement

In

January 2018,

the Company entered into a senior secured credit agreement (the “Export Credit Agreement”) with Citibank, N.A., London Branch and Eksportkreditt Norge AS, to make available to the Company a loan in an aggregate principal amount

not

to exceed

$107.7

million for the purpose of providing financing for up to

80%

of the purchase price of the Company’s new ice class vessel, the

National Geographic Endurance,

targeted to be completed in

January 2020.

If drawn upon, the loan will be made at the time of delivery of the vessel. The Export Credit Agreement, at the Company's election, will bear interest either at a fixed interest rate effectively equal to

5.78%

or a floating interest rate equal to

three

-month LIBOR plus a margin of

3.00%

per annum.

Note Payable

In connection with the Natural Habitat acquisition in

May 2016,

Natural Habitat issued an unsecured promissory note to Benjamin L. Bressler, the founder of Natural Habitat, with an outstanding principal amount of

$2.5

million due at maturity on

December 31, 2020.

The promissory note accrues interest at a rate of

1.44%

annually, with interest payable every

six

months.

Covenants

The Company’s Amended Credit Agreement and Export Credit Agreement contain financial and restrictive covenants that include among others, net leverage ratios, limits on additional indebtedness and limits on certain investments. As of

March 31, 2019,

the Company was in compliance with its covenants.