Related Party Debt

3 Months Ended

Mar. 31, 2016

Partnership's Revolving Credit Facility Agreements

We have a five-year unsecured revolving credit facility with STCW with a borrowing capacity of $400.0 million (“Five-Year Revolver”). On February 22, 2016, we and STCW amended and restated the Five-Year Revolver to provide that loans advanced under the facility have maturity dates selected by us up to October 31, 2019, the maturity date of the Five-Year Revolver. Borrowings under the Five-Year Revolver bear interest at the three-month LIBOR rate plus a margin. The weighted average interest rate for the three months ended March 31, 2016 was 1.9%. The weighted average interest rate includes drawn and undrawn interest fees, but does not consider the amortization of debt issuance costs or capitalized interest.

We have a 364-day unsecured revolving credit facility with STCW with a borrowing capacity of $180.0 million (“364-Day Revolver”). On February 22, 2016, we amended and restated the 364-Day Revolver with STCW to extend its maturity to March 1, 2017. Borrowings under the 364-Day Revolver bear interest at the three-month LIBOR rate plus a margin. The weighted average interest rate for the three months ended March 31, 2016 was 1.7%. The weighted average interest rate includes drawn and undrawn interest fees, but does not consider the amortization of debt issuance costs or capitalized interest.

Zydeco Revolving Credit Facility Agreement

Zydeco has a senior unsecured revolving credit facility with STCW with a borrowing capacity of $30.0 million (the “Zydeco Revolver”) . Borrowings under the Zydeco Revolver bear interest at the three-month LIBOR rate plus a margin.

Consolidated related party debt obligations comprise the following as of the dates indicated:



	March 31, 2016			December 31, 2015
Five-Year Revolver, variable rate, due October 31, 2019 ⁽¹⁾	$	48.2		$	320.8
364-Day Revolver, variable rate, due March 1, 2017 ⁽²⁾	—			137.4
Zydeco Revolver, variable rate, due August 6, 2019 ⁽³⁾	—			—
Unamortized debt issuance costs	(0.5		)	(0.6		)
Debt payable - related party	$	47.7		$	457.6


⁽¹⁾	As of March 31, 2016, availability under the $400.0 million Five-Year Revolver was $351.8 million.


⁽²⁾	As of March 31, 2016, the entire $180.0 million capacity was available under the 364-Day Revolver.


⁽³⁾	As of March 31, 2016, the entire $30.0 million capacity was available under the Zydeco Revolver.

On March 29, 2016, we used cash on hand and net proceeds from sales of common units to third parties to repay $272.6 million of borrowings outstanding under the Five-Year Revolver and all $137.4 million of borrowings outstanding under the 364-Day Revolver.

As of March 31, 2016, we were in compliance with the covenants contained in the Five-Year Revolver and the 364-Day Revolver, and Zydeco was in compliance with the covenants contained in the Zydeco Revolver.