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Long-term Debt | 6 Months Ended
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Jun. 30, 2022
Debt Instruments [Abstract] |
Long-term debt | 10. Long-term debt The Company’s long-term debt consists of the following (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Experience Vessel Financing | $ | 141,676 |  |  | $ | 148,500 |
2017 Bank Loans |  | 88,203 |  |  |  | 91,570 |
EE Revolver |  | — |  |  |  | — |
Total debt |  | 229,879 |  |  |  | 240,070 |
Less unamortized debt issuance costs |  | (6,035 | ) |  |  | (6,655 | )
Total debt, net |  | 223,844 |  |  |  | 233,415 |
Less current portion, net |  | (17,531 | ) |  |  | (19,046 | )
Total long-term debt, net | $ | 206,313 |  |  | $ | 214,369 |
Experience Vessel Financing In December 2016, we entered into a sale leaseback agreement with a third party to provide $247.5 million of financing for the Experience vessel (the “Experience Vessel Financing”). Due to our requirement to repurchase the vessel at the end of the term, the transaction was accounted for as a failed sale leaseback (a financing transaction). Under the Experience Vessel Financing agreement, the Company makes quarterly principal payments of $3.1 million toward the $247.5 million in principal provided for the Experience vessel and interest payments at the 3-month LIBOR plus 3.25% (5.5% at June 30, 2022). In December 2021, we entered into an agreement to extend the original loan from December 2026 to December 2033, reduce the interest margin to 3.25% from 4.2%, and reduce the quarterly principal payments to $3.1 million from $5.0 million. 2017 Bank Loans Under the Company's financing agreement for the Moheshkhali LNG terminal in Bangladesh (the “2017 Bank Loans”), the Company entered into two loan agreements with external banks. Under the first agreement, the Company borrowed $32.8 million, makes semi-annual payments and accrues interest at the 6-month LIBOR plus 2.42% (5.4% at June 30, 2022) through the loan maturity date of October 15, 2029. Under the second agreement, the Company borrowed $92.8 million, makes quarterly payments and accrues interest at the 3-month LIBOR plus 4.50% (6.8% at June 30, 2022) through the loan maturity date of October 15, 2029. Senior Secured Revolving Credit Agreement On April 18, 2022, EELP entered into a senior secured revolving credit agreement (“Credit Agreement”), by and among EELP, as borrower (the “Borrower”), Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the lenders and issuing banks thereunder have made available a revolving credit facility (the “EE Revolver”), including letters of credit, to EELP. The EE Revolver enables us to borrow up to $350 million over a three-year term which expires in April 2025 and is expected to be used primarily for letters of credit, working capital, and other general corporate purposes. Borrowings under the EE Revolver will bear interest at a per annum rate equal to the term Secured Overnight Financing Rate reference rate plus 0.10% (or alternate base rate) for such period plus an applicable margin, which applicable margin will be based on the Borrower’s consolidated total leverage ratio as defined and calculated under the Credit Agreement. The unused portion of the EE Revolver will be subject to an unused commitment fee calculated at a rate per annum ranging from 0.375% to 0.50% based on the Borrower’s consolidated total leverage ratio. The EE Revolver contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio and minimum consolidated interest coverage ratio covenants), and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed under the EE Revolver. Also on April 18, 2022, the Company applied proceeds of loans made by the lenders under the EE Revolver, on the closing day of such facility, to repay the KFMC Note (as defined herein) in full, and the KFMC Note was terminated in connection with such repayment. For more information regarding the KFMC Note, see Note 11 – Long-term debt – related party. As of June 30, 2022, the Company had issued $40 million in letters of credit under the EE Revolver and was in compliance with the covenants under its debt facilities.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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