Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2019

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, 2019(2)
Tranche 1	Commercial Financing	7	years	London InterBank Offered Rate (“LIBOR”) plus a margin(4)	5.36	%
Tranche 2	KEXIM Direct Financing	12	years(3)	LIBOR plus a margin of 2.45%	5.06	%
Tranche 3	KEXIM Guaranteed	12	years(3)	LIBOR plus a margin of 1.40%	4.01	%
Tranche 4	K-sure Insured	12	years(3)	LIBOR plus a margin of 1.50%	4.11	%

⁽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, 2019 was 2.61%.

⁽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, 2019, the set margin was 2.75%.

Schedule of loans outstanding

	March 31, 2019		March 31, 2018
2015 Debt Facility
Commercial Financing	$	175,687,613	$	187,989,229
KEXIM Direct Financing		125,860,144		141,004,162
KEXIM Guaranteed		130,366,568		145,348,064
K-sure Insured		64,706,170		72,313,416
Total 2015 Debt Facility	$	496,620,495	$	546,654,871
Japanese Financings
Corsair Japanese Financing	$	47,395,833	$	50,645,833
Concorde Japanese Financing		51,961,538		55,192,308
Corvette Japanese Financing		52,500,000		55,730,769
CJNP Japanese Financing		20,506,250		—
CMNL Japanese Financing		19,446,131		—
CNML Japanese Financing		21,666,369		—
Total Japanese Financings	$	213,476,121	$	161,568,910
2017 Bridge Loan	$	—	$	66,940,405
Total debt obligations	$	710,096,616	$	775,164,186
Less: deferred financing fees		14,005,830		16,061,034
Debt obligations—net of deferred financing fees	$	696,090,786	$	759,103,152
Presented as follows:
Current portion of long-term debt	$	63,968,414	$	65,067,569
Long-term debt—net of current portion and deferred financing fees		632,122,372		694,035,583
Total	$	696,090,786	$	759,103,152

Schedule of deferred financing fees

	Financing
	costs
Balance, April 1, 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
Additions		1,080,847
Amortization		(3,136,051)
Balance, March 31, 2019	$	14,005,830

Schedule of minimum annual principal payments

Year ending March 31:
2020	$	63,968,414
2021		63,968,412
2022		202,751,181
2023		51,666,798
2024		51,666,798
Thereafter		276,075,013
Total	$	710,096,616