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Long-term Debt, Net | 9 Months Ended
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Sep. 30, 2024
Debt Instruments [Abstract] |
Long-term debt, net | Long-term debt, net The Company’s long-term debt, net consists of the following (in thousands):
| September 30, 2024 |  |  | December 31, 2023 |
Term Loan Facility | $ | 169,805 |  |  | $ | 185,430 |
Experience Vessel Financing |  | 114,468 |  |  |  | 123,750 |
2017 Bank Loans |  | 67,027 |  |  |  | 74,013 |
EE Revolver |  | — |  |  |  | — |
Total debt |  | 351,300 |  |  |  | 383,193 |
Less unamortized debt issuance costs |  | (5,646 | ) |  |  | (7,212 | )
Total debt, net |  | 345,654 |  |  |  | 375,981 |
Less current portion, net |  | (46,448 | ) |  |  | (42,614 | )
Total long-term debt, net | $ | 299,206 |  |  | $ | 333,367 |
The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate debt obligations during the nine months ended September 30, 2024.
| For the nine months ended September 30, 2024
| Range |  | Weighted Average
Experience Vessel Financing | 8.7% – 9.1% |  | 8.8%
2017 Bank Loans (1) | 8.2% – 10.2% |  | 9.6%
Term Loan Facility (2) | 8.4% |  | 8.4%
EE Revolver | N/A |  | N/A
(1) Weighted average interest rate, net of the impact of settled derivatives, was 7.1% for the nine months ended September 30, 2024. (2) Weighted average interest rate, net of the impact of settled derivatives, was 6.9% for the nine months ended September 30, 2024. Experience Vessel Financing In December 2016, the Company entered into a sale leaseback agreement with a third party to provide $247.5 million of financing for Experience (the “Experience Vessel Financing”). Due to the Company’s 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 and interest payments at the three-month SOFR plus 3.4% through the loan’s maturity in December 2033. In the second quarter of 2023, the Company executed an amendment to convert the reference rate in the Experience Vessel Financing from the London Interbank Offered Rate (“LIBOR”) to the SOFR yield curve. Prior to the amendment, the Company made interest payments at the three-month LIBOR plus 3.25%. 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 six-month SOFR plus 2.85% through the loan maturity date of October 15, 2029. In the fourth quarter of 2023, the agreement was amended to convert the reference rate from the LIBOR to the SOFR yield curve effective on the first interest payment date occurring after June 30, 2023. Prior to the amendment, the Company made interest payments at the six-month LIBOR plus 2.42%. Under the second agreement, the Company borrowed $92.8 million, makes quarterly payments and accrues interest at the three-month SOFR plus 4.76% through the loan maturity of October 15, 2029. In the fourth quarter of 2023, the agreement was amended to convert the reference rate from the LIBOR to the SOFR yield curve effective on the first interest payment date occurring after June 30, 2023. Prior to the amendment, the Company made interest payments at the three-month LIBOR plus 4.50%. Revolving Credit Facility and Term Loan Facility On April 18, 2022, EELP entered into a senior secured revolving credit agreement, by and among EELP, as 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 made available a revolving credit facility (the “EE Revolver”), including a letter of credit sub-facility, to EELP. The EE Revolver enabled us to borrow up to $350.0 million over a three-year term originally set to expire in April 2025. On March 17, 2023, EELP entered into an amended and restated senior secured credit agreement (“Amended Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent. Under the Amended Credit Agreement, EELP obtained a new $250.0 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, as amended by the Amended Credit Agreement, the “EE Facilities”). The EE Facilities mature in March 2027. Proceeds from the Term Loan Facility were used to purchase Sequoia in April 2023. Proceeds from the EE Revolver may be used for working capital and other general corporate purposes and up to $305.0 million of the EE Revolver may be used for letters of credit. Borrowings under the EE Facilities bear interest at a per annum rate equal to the term SOFR reference rate for such period plus an applicable margin, which applicable margin is based on EELP’s consolidated total leverage ratio as defined and calculated under the Amended Credit Agreement and can range from 2.75% to 3.50%. The unused portion of the EE Revolver commitments is subject to an unused commitment fee calculated at a rate per annum ranging from 0.375% to 0.50% based on EELP’s consolidated total leverage ratio. In December 2023, we paid off $55.2 million of the principal outstanding on our Term Loan Facility. As of September 30, 2024, the Company had issued $0.1 million in letters of credit under the EE Revolver. As a result of the EE Revolver’s financial ratio covenants and after taking into account the outstanding letters of credit issued under the facility, all of the $349.9 million of undrawn capacity was available for additional borrowings as of September 30, 2024. As of September 30, 2024, the Company was in compliance with the covenants under its debt facilities.

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