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Long-term Debt

6 Months Ended

Sep. 30, 2023

6. Long-term Debt

2022 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, 2023 for information on our $260.0 million debt financing facility that we entered into on July 29, 2022 with Crédit Agricole Corporate and Investment Bank (“CACIB”), ING Bank N.V. (“ING”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), BNP Paribas (“BNP”), and Danish Ship Finance A/S (“DSF”) (the “2022 Debt Facility”).

We were in compliance with all financial covenants as of September 30, 2023.

BALCAP 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, 2023 for information on our $83.4 million debt financing facility that we entered into in December 2021 with Banc of America Leasing & Capital, LLC and other financial institutions (the “BALCAP Facility”).

We were in compliance with all financial covenants as of September 30, 2023.

Japanese Financing Arrangements

All of our Japanese financing arrangements (described below) are secured by, among other things, (i) the mortgages on the vessels financed, (ii) first priority assignments of all of the financed vessels’ mandatory insurances; and (iii) a guaranty by the Company guaranteeing the obligations of each borrower.

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, 2023 for information on the refinancing of our 2014-built VLGC, Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair 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, 2023 for information on the refinancing our 2015-built VLGC, Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cresques Japanese Financing”). On June 12, 2023, we agreed to an addendum to the Cresques Japanese Financing’s bareboat charter agreement that became effective on June 20, 2023. The terms of the addendum include a switch from a floating interest rate of one-month SOFR plus a margin to a fixed interest rate of 6.55%.

Cratis Japanese Financing

Copernicus Japanese Financing

Chaparral Japanese Financing

Caravelle Japanese Financing

Cougar 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, 2023 for information on the refinancing our 2016-built VLGC, Cougar, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cougar Japanese Financing”). On July 21, 2023, we agreed to an addendum to the Cougar Japanese Financing’s bareboat charter agreement that became effective on August 21, 2023. The terms of the addendum include a switch from a floating interest rate of three-month SOFR plus a margin to a fixed interest rate of 6.34%.

Captain Markos Dual-Fuel 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, 2023 for information on the financing our 2023-built Dual-fuel VLGC, Captain Markos, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Captain Markos Japanese Financing”). On June 12, 2023, we agreed to an addendum to the Captain Markos Dual-Fuel Japanese Financing’s bareboat charter agreement that became effective on June 30, 2023. The terms of the addendum include a switch from a floating interest rate of one-month SOFR plus a margin to a fixed interest rate of 6.39%.

Debt Obligations

The table below presents our debt obligations:


	September 30, 2023		March 31, 2023
2022 Debt Facility	$	215,000,000	$	225,000,000

Japanese Financings
Corsair Japanese Financing	$	32,770,834	$	34,395,834
Cresques Japanese Financing		26,493,303		27,377,615
Cratis Japanese Financing		43,540,000		45,580,000
Copernicus Japanese Financing		43,540,000		45,580,000
Chaparral Japanese Financing		61,135,968		62,342,859
Caravelle Japanese Financing		44,300,000		46,100,000
Cougar Japanese Financing		45,500,000		47,300,000
Captain Markos Dual-Fuel Japanese Financing		54,530,000		55,790,000
Total Japanese Financings	$	351,810,105	$	364,466,308

BALCAP Facility	$	70,249,926	$	74,096,125

Total debt obligations	$	637,060,031	$	663,562,433
Less: deferred financing fees		5,568,048		6,195,087
Debt obligations—net of deferred financing fees	$	631,491,983	$	657,367,346

Presented as follows:
Current portion of long-term debt	$	53,324,694	$	53,110,676
Long-term debt—net of current portion and deferred financing fees		578,167,289		604,256,670
Total	$	631,491,983	$	657,367,346

Deferred Financing Fees

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


	Financing
	costs
Balance, April 1, 2023	$	6,195,087
Amortization		(627,039)
Balance, September 30, 2023	$	5,568,048