6. Long-term Debt

2015 Debt Facility

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Debt Facility”).

Amendment to the 2015 Debt Facility

On July 23, 2019, we entered into an agreement to amend the 2015 Debt Facility (the “Debt Facility Amendment”), whose key provisions include:

a modification to the definition of consolidated EBITDA to exclude expenses incurred in connection with the BW Proposal;

the following financial covenant modification:

Minimum interest coverage ratio of consolidated EBITDA, as defined in the 2015 Debt Facility, to consolidated net interest expense must be maintained greater than or equal to (i) 2.00 at all times from June 30, 2019 through March 31, 2020 and (ii) 2.50 from April 1, 2020 and at all times thereafter; and

the following modification to the definition of consolidated liquidity:

if the minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense is less than 2.50 at any time or times during the period beginning on and including June 30, 2019 and ending on and including March 31, 2020, consolidated liquidity shall at such time or times be maintained in an amount at least equal to $47,500,000.

Corsair Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing of our 2014-built VLGC, the Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”).

Concorde Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing of our 2015-built VLGC, the Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Concorde Japanese Financing”).

Corvette Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing of our 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corvette Japanese Financing”).

CJNP Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing our 2007-built VLGC, the Captain John NP, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CJNP Japanese Financing”).

CMNL Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing our 2006-built VLGC, the Captain Markos NL, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL Japanese Financing”).

CNML Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing our 2008-built VLGC, the Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”).

Debt Obligations

The table below presents our debt obligations:


	September 30, 2019		March 31, 2019
2015 Debt Facility
Commercial Financing	$	169,536,806	$	175,687,613
KEXIM Direct Financing		118,288,136		125,860,144
KEXIM Guaranteed		122,875,819		130,366,568
K-sure Insured		60,902,547		64,706,170
Total 2015 Debt Facility	$	471,603,308	$	496,620,495

Japanese Financings
Corsair Japanese Financing	$	45,770,833	$	47,395,833
Concorde Japanese Financing		50,346,154		51,961,538
Corvette Japanese Financing		50,884,615		52,500,000
CJNP Japanese Financing		19,782,500		20,506,250
CMNL Japanese Financing		18,761,310		19,446,131
CNML Japanese Financing		20,963,690		21,666,369
Total Japanese Financings	$	206,509,102	$	213,476,121

Total debt obligations	$	678,112,410	$	710,096,616
Less: deferred financing fees		12,566,911		14,005,830
Debt obligations—net of deferred financing fees	$	665,545,499	$	696,090,786

Presented as follows:
Current portion of long-term debt	$	63,968,414	$	63,968,414
Long-term debt—net of current portion and deferred financing fees		601,577,085		632,122,372
Total	$	665,545,499	$	696,090,786

Deferred Financing Fees

The analysis and movement of deferred financing fees is presented in the table below:


	Financing
	costs
Balance, April 1, 2019	$	14,005,830
Additions		40,547
Amortization		(1,479,466)
Balance, September 30, 2019	$	12,566,911