Related Party Debt

Partnership's Revolving Credit Facility Agreements

We have a five year unsecured revolving credit facility with STCW with a borrowing capacity of $760.0 million (“Five Year Revolver”). On September 27, 2016, we and STCW amended and restated the Five Year Revolver to increase the amount of the facility by $360.0 million to $760.0 million. 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 nine months ended September 30, 2016 was 2.0%. The weighted average interest rate includes drawn and undrawn interest fees, but does not consider the amortization of debt issuance costs.

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 nine months ended September 30, 2016 was 2.0%. The weighted average interest rate includes drawn and undrawn interest fees, but does not consider the amortization of debt issuance costs.

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:



	September 30, 2016			December 31, 2015
Five Year Revolver, variable rate, due October 31, 2019 ⁽¹⁾	$	344.9		$	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	(1.0		)	(0.6		)
Debt payable – related party	$	343.9		$	457.6


⁽¹⁾	As of September 30, 2016, availability under the $760.0 million Five Year Revolver was $415.1 million.


⁽²⁾	As of September 30, 2016, the entire $180.0 million capacity was available under the 364-Day Revolver.


⁽³⁾	As of September 30, 2016, the entire $30.0 million capacity was available under the Zydeco Revolver.

As of September 30, 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.

On May 23, 2016, we partially funded the cash portion of the May 2016 Acquisition with $296.7 million in borrowings under the Five Year 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.

On July 1, 2015, we borrowed $250.0 million under the Five Year Revolver and $100.0 million under the 364-Day Revolver to partially fund the July 2015 Acquisition.

On May 18, 2015, we borrowed $70.8 million under the Five Year Revolver to partially fund the May 2015 Acquisition. Total transaction costs of $0.5 million were incurred in association with the May 2015 Acquisition.