Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2017

Long-Term Debt

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

								Interest Rate at
		Term		Interest Rate Description(1)				March 31, 2017(2)
Tranche 1	Commercial Financing	7	years	London InterBank Offered Rate (“LIBOR”) plus a margin(4)				3.73	%
Tranche 2	KEXIM Direct Financing	12	years(3)	LIBOR	plus a margin of	2.45	%	3.43	%
Tranche 3	KEXIM Guaranteed	12	years(3)	LIBOR	plus a margin of	1.40	%	2.38	%
Tranche 4	K-sure Insured	12	years(3)	LIBOR	plus a margin of	1.50	%	2.48	%

⁽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, 2017 was 0.98%.

⁽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, 2017, the set margin was 2.75%.

Schedule of loans outstanding

RBS secured bank debt	March 31, 2017		March 31, 2016
Tranche A	$	34,000,000	$	37,400,000
Tranche B		25,570,000		28,127,000
Tranche C		40,312,500		43,967,500
Total RBS secured bank debt	$	99,882,500	$	109,494,500
2015 Debt Facility
Commercial Financing	$	227,512,277	$	241,442,384
KEXIM Direct Financing		177,680,534		194,827,596
KEXIM Guaranteed		175,773,718		192,736,763
K-sure Insured		89,253,699		97,867,129
Total 2015 Debt Facility	$	670,220,228	$	726,873,872
Total debt obligations	$	770,102,728	$	836,368,372
Less: deferred financing fees		20,138,480		23,748,116
Debt obligations—net of deferred financing fees	$	749,964,248	$	812,620,256
Presented as follows:
Current portion of long-term debt	$	65,978,785	$	66,265,643
Long-term debt—net of current portion and deferred financing fees		683,985,463		746,354,613
Total	$	749,964,248	$	812,620,256

Schedule of deferred financing fees

	Financing
	costs
Balance, April 1, 2015	$	13,296,216
Additions		12,951,085
Amortization		(2,499,185)
Balance, March 31, 2016	$	23,748,116
Additions		99,785
Amortization		(3,709,421)
Balance, March 31, 2017	$	20,138,480

Schedule of minimum annual principal payments

Year ending March 31:
2018	$	65,978,785
2019		113,634,787
2020		60,021,786
2021		85,714,286
2022		214,581,395
Thereafter		230,171,689
Total	$	770,102,728