Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2018

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, 2018(2)
Tranche 1	Commercial Financing	7	years	London InterBank Offered Rate (“LIBOR”) plus a margin(4)	5.04	%
Tranche 2	KEXIM Direct Financing	12	years(3)	LIBOR plus a margin of 2.45%	4.74	%
Tranche 3	KEXIM Guaranteed	12	years(3)	LIBOR plus a margin of 1.40%	3.69	%
Tranche 4	K-sure Insured	12	years(3)	LIBOR plus a margin of 1.50%	3.79	%

⁽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, 2018 was 2.29%.

⁽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, 2018, the set margin was 2.75%.

Schedule of loans outstanding

RBS Loan Facility	March 31, 2018		March 31, 2017
Tranche A	$	—	$	34,000,000
Tranche B		—		25,570,000
Tranche C		—		40,312,500
Total RBS Loan Facility	$	—	$	99,882,500
2017 Bridge Loan	$	66,940,405	$	—
Corsair Japanese Financing	$	50,645,833	$	—
Concorde Japanese Financing	$	55,192,308	$	—
Corvette Japanese Financing	$	55,730,769	$	—
2015 Debt Facility
Commercial Financing	$	187,989,229	$	227,512,277
KEXIM Direct Financing		141,004,162		175,773,718
KEXIM Guaranteed		145,348,064		177,680,534
K-sure Insured		72,313,416		89,253,699
Total 2015 Debt Facility	$	546,654,871	$	670,220,228
Total debt obligations	$	775,164,186	$	770,102,728
Less: deferred financing fees		16,061,034		20,138,480
Debt obligations—net of deferred financing fees	$	759,103,152	$	749,964,248
Presented as follows:
Current portion of long-term debt	$	65,067,569	$	65,978,785
Long-term debt—net of current portion and deferred financing fees		694,035,583		683,985,463
Total	$	759,103,152	$	749,964,248

Schedule of deferred financing fees

	Financing
	costs
Balance, April 1, 2016	$	23,748,116
Additions		99,785
Amortization		(3,709,421)
Balance, March 31, 2017	$	20,138,480
Additions		3,255,859
Amortization		(7,506,509)
Gain on early extinguishment of debt		173,204
Balance, March 31, 2018	$	16,061,034

Schedule of minimum annual principal payments

Year ending March 31:
2019	$	65,067,569
2020		63,968,442
2021		63,968,442
2022		202,751,210
2023		51,666,827
Thereafter		327,741,696
Total	$	775,164,186