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Long-term Debt | 9 Months Ended
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Dec. 31, 2019
Long-term Debt |
Long-term Debt | 6. Long-term Debt 2015 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, 2019 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Debt Facility”). Amendment to the 2015 Debt Facility On July 23, 2019, we entered into an agreement to amend the 2015 Debt Facility (the “Debt Facility Amendment”), whose key provisions include:
| 1) |  | a modification to the definition of consolidated EBITDA to exclude expenses incurred in connection with the BW LPG acquisition attempt (see Exhibit 10.1);
| 2) |  | the following financial covenant modification:
| · |  | Minimum interest coverage ratio of consolidated EBITDA, as defined in the 2015 Debt Facility, to consolidated net interest expense must be maintained greater than or equal to (i) 2.00 at all times from June 30, 2019 through March 31, 2020 and (ii) 2.50 from April 1, 2020 and at all times thereafter; and
| 3) |  | the following modification to the definition of consolidated liquidity:
| · |  | if the minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense is less than 2.50 at any time or times during the period beginning on and including June 30, 2019 and ending on and including March 31, 2020, consolidated liquidity shall at such time or times be maintained in an amount at least equal to $47,500,000.
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, 2019 for information on the refinancing of our 2014-built VLGC, the Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”). Concorde 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, 2019 for information on the refinancing of our 2015-built VLGC, the Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Concorde Japanese Financing”). Corvette 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, 2019 for information on the refinancing of our 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corvette Japanese Financing”). CJNP 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, 2019 for information on the refinancing our 2007-built VLGC, the Captain John NP, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CJNP Japanese Financing”). CMNL 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, 2019 for information on the refinancing our 2006-built VLGC, the Captain Markos NL, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL Japanese Financing”). CNML 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, 2019 for information on the refinancing our 2008-built VLGC, the Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”). Debt Obligations The table below presents our debt obligations:
|  | December 31, 2019 |  | March 31, 2019 |
2015 Debt Facility |  |  |  |  |  |  |
Commercial Financing |  | $ | 166,461,402 |  | $ | 175,687,613 |
KEXIM Direct Financing |  |  | 114,502,131 |  |  | 125,860,144 |
KEXIM Guaranteed |  |  | 119,130,446 |  |  | 130,366,568 |
K-sure Insured |  |  | 59,000,735 |  |  | 64,706,170 |
Total 2015 Debt Facility |  | $ | 459,094,714 |  | $ | 496,620,495 |
Japanese Financings |  |  |  |  |  |  |
Corsair Japanese Financing |  | $ | 44,958,333 |  | $ | 47,395,833 |
Concorde Japanese Financing |  |  | 49,538,462 |  |  | 51,961,538 |
Corvette Japanese Financing |  |  | 50,076,923 |  |  | 52,500,000 |
CJNP Japanese Financing |  |  | 19,420,625 |  |  | 20,506,250 |
CMNL Japanese Financing |  |  | 18,418,899 |  |  | 19,446,131 |
CNML Japanese Financing |  |  | 20,612,351 |  |  | 21,666,369 |
Total Japanese Financings |  | $ | 203,025,593 |  | $ | 213,476,121 |
Total debt obligations |  | $ | 662,120,307 |  | $ | 710,096,616 |
Less: deferred financing fees |  |  | 11,846,890 |  |  | 14,005,830 |
Debt obligations—net of deferred financing fees |  | $ | 650,273,417 |  | $ | 696,090,786 |
Presented as follows: |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 63,968,414 |  | $ | 63,968,414 |
Long-term debt—net of current portion and deferred financing fees |  |  | 586,305,003 |  |  | 632,122,372 |
Total |  | $ | 650,273,417 |  | $ | 696,090,786 |
Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below:
|  | Financing |
|  | costs |
Balance, April 1, 2019 |  | $ | 14,005,830 |
Additions |  |  | 40,547 |
Amortization |  |  | (2,199,487) |
Balance, December 31, 2019 |  | $ | 11,846,890 |

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