Long-term Debt (Tables)

12 Months Ended

Mar. 31, 2020

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, 2020(2)
Tranche 1	Commercial Financing	7	years	London InterBank Offered Rate (“LIBOR”) plus a margin(4)	3.98	%
Tranche 2	KEXIM Direct Financing	12	years(3)	LIBOR plus a margin of 2.45%	3.68	%
Tranche 3	KEXIM Guaranteed	12	years(3)	LIBOR plus a margin of 1.40%	2.63	%
Tranche 4	K-sure Insured	12	years(3)	LIBOR plus a margin of 1.50%	2.73	%

⁽¹⁾ The interest rate of the 2015 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, 2020 was 1.23%.

⁽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 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 Facility are employed under time charters as defined in the agreement. As of March 31, 2020, the set margin was 2.75%.

Schedule of loans outstanding

	March 31, 2020		March 31, 2019
2015 Facility
Commercial Financing	$	163,385,998	$	175,687,613
KEXIM Direct Financing		110,716,127		125,860,144
KEXIM Guaranteed		115,385,072		130,366,568
K-sure Insured		57,098,924		64,706,170
Total 2015 Facility	$	446,586,121	$	496,620,495
Japanese Financings
Corsair Japanese Financing	$	44,145,833	$	47,395,833
Concorde Japanese Financing		48,730,769		51,961,538
Corvette Japanese Financing		49,269,231		52,500,000
CJNP Japanese Financing		19,058,750		20,506,250
CMNL Japanese Financing		18,076,488		19,446,131
CNML Japanese Financing		20,261,012		21,666,369
Total Japanese Financings	$	199,542,083	$	213,476,121
Total debt obligations	$	646,128,204	$	710,096,616
Less: deferred financing fees		11,152,985		14,005,830
Debt obligations—net of deferred financing fees	$	634,975,219	$	696,090,786
Presented as follows:
Current portion of long-term debt	$	53,056,125	$	63,968,414
Long-term debt—net of current portion and deferred financing fees		581,919,094		632,122,372
Total	$	634,975,219	$	696,090,786

Schedule of deferred financing fees

	Financing
	costs
Balance, April 1, 2018	$	16,061,034
Additions		1,080,847
Amortization		(3,136,051)
Balance, March 31, 2019	$	14,005,830
Additions		40,547
Amortization		(2,893,392)
Balance, March 31, 2020	$	11,152,985

Schedule of minimum annual principal payments

Year ending March 31:
2021	$	53,056,125
2022		61,935,946
2023		52,266,798
2024		52,266,798
2025		214,015,573
Thereafter		212,586,964
Total	$	646,128,204