Long-term Debt

6 Months Ended

Sep. 30, 2021

Long-term Debt

Long-term Debt

7. Long-term Debt

2015 AR 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, 2021 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 Facility”), and the amendment and restatement of the 2015 Facility (the “2015 AR Facility”) on April 29, 2020.

We were in compliance with all financial covenants as of September 30, 2021.

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, 2021 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, 2021 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, 2021 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”).

CMNL/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, 2021 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 “CMNL/CJNP Japanese Financing”). On August 25, 2021, we exercised our repurchase option under the CMNL/CJNP Japanese Financing by providing a three-month notice to the owners of Captain John NP of our intent to repurchase the vessel for approximately $15.8 million in cash and application of the deposit amount of $25.2 million, which had been retained by the buyer in connection with the CMNL/CJNP Japanese Financing, towards the repurchase of the vessel. We have reclassified $14.7 million from long-term debt to current portion of long-term debt as the obligation will be settled in December 2021.

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, 2021 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”). Refer to Note 16 below for information regarding our election to exercise our repurchase option under the CNML Japanese Financing.

Cresques 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, 2021 for information on the refinancing our 2015-built VLGC, the Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cresques Japanese Financing”).

Debt Obligations

The table below presents our debt obligations:

	September 30, 2021		March 31, 2021
2015 AR Facility
Commercial Financing	$	154,905,698	$	155,205,698
KEXIM Direct Financing		82,387,938		89,474,512
KEXIM Guaranteed		86,986,559		93,997,081
K-sure Insured		42,774,119		46,333,895
Total 2015 AR Facility	$	367,054,314	$	385,011,186
Japanese Financings
Corsair Japanese Financing	$	39,270,834	$	40,895,833
Concorde Japanese Financing		43,884,615		45,500,000
Corvette Japanese Financing		44,423,077		46,038,462
CMNL/CJNP Japanese Financing		16,022,024		16,706,845
CNML Japanese Financing		18,152,976		18,855,655
Cresques Japanese Financing		47,370,000		49,080,000
Total Japanese Financings	$	209,123,526	$	217,076,795
Total debt obligations	$	576,177,840	$	602,087,981
Less: deferred financing fees		9,313,611		10,615,937
Debt obligations—net of deferred financing fees	$	566,864,229	$	591,472,044
Presented as follows:
Current portion of long-term debt	$	66,472,664	$	51,820,283
Long-term debt—net of current portion and deferred financing fees		500,391,565		539,651,761
Total	$	566,864,229	$	591,472,044

Deferred Financing Fees

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

	Financing
	costs
Balance, April 1, 2021	$	10,615,937
Additions		68,603
Amortization		(1,370,929)
Balance, September 30, 2021	$	9,313,611