Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2015

Long-Term Debt

Schedule of certain terms under each tranche of the 2015 Debt Facility

		Term	Interest Rate Description(1)	Interest Rate at March 31, 2015(2)
Tranche 1	Commercial Financing	7 years	London InterBank Offered Rate (“LIBOR”) plus a margin(4)	3.02%
Tranche 2	KEXIM Direct Financing	12 years(3)	LIBOR plus a margin of 2.45%	2.72%
Tranche 3	KEXIM Guaranteed	12 years(3)	LIBOR plus a margin of 1.40%	1.67%
Tranche 4	K-sure Insured	12 years(3)	LIBOR plus a margin of 1.50%	1.77%

(1) The interest rate of the 2015 Debt Facility on Tranche 1 is determined in accordance with the agreement as three or six month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three month LIBOR plus the applicable margin for the respective tranches.

(2) The set LIBOR rate in effect as of March 31, 2015 was 0.27%.

(3) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche.

(4) The Commercial Financing tranche margin over LIBOR is 2.75% and is reduced to 2.50% if 50% or more but less than 75% of the vessels financed in the 2015 Debt Facility are employed under time charters as defined in the agreement and to 2.25% if 75% or more of the vessels financed in the 2015 Debt Facility are employed under time charters as defined in the agreement. As of March 31, 2015, the set margin was 2.50%.

Schedule of loans outstanding

RBS secured bank debt	March 31, 2015	March 31, 2014
Tranche A	40,800,000	44,200,000
Tranche B	30,684,000	33,241,000
Tranche C	47,622,500	51,277,500
Total	119,106,500	128,718,500
2015 Debt Facility
Commercial Financing	26,695,381	—
KEXIM Direct Financing	21,890,212	—
KEXIM Guaranteed	21,655,293	—
K-sure Insured	10,996,041	—
Total	81,236,927	—
Total debt obligations	200,343,427	128,718,500
Presented as follows:
Current portion of long-term debt	15,677,553	9,612,000
Long-term debt—net of current portion	184,665,874	119,106,500
Total	200,343,427	128,718,500

Schedule of minimum annual principal payments

Year ending March 31:
2016	15,677,553
2017	15,677,553
2018	15,677,553
2019	63,333,553
2020	9,720,553
Thereafter	80,256,662
Total	200,343,427