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Long-Term Debt
 6 Months Ended
Jun. 30, 2012
Long-Term Debt (Abstract)  
Long-Term Debt
7.
Long-Term Debt
As of June 30, 2012 and December 31, 2011, the Partnership was in compliance with all financial debt covenants.
On February 15, 2012, an amount of $10,000 was repaid on the Partnership's revolving credit facility of $370,000, from the proceeds of the sale of its vessel M/T Attikos (Note 5).
On April 4, 2012, an amount of $10,500 was repaid on the Partnership's revolving credit facility of $370,000, from the proceeds of the sale of its vessel M/T Aristofanis (Note 5).
Following the issuance of Class B Convertible Preferred Units in May and June 2012 (Note 9), the Partnership repaid debt of $149,566 across its three credit facilities by using in full the net proceeds of the issuance of $136,425 and an amount of $13,141 from its available cash. Following the debt repayment of $149,566, on May 23, 2012 the Partnership's credit facilities were amended: a) The new amortization schedule will commence in March 2016 b) the margin of the credit facility of $370,000 and $350,000 has increased to 2% and 3% respectively and c) the Partnership's credit facility of $370,000 was converted into a term loan, and the undrawn tranche of $52,500 relating to the credit facility of $350,000 was cancelled.
The Partnership's loan of $370,000 will be repaid in 6 equal consecutive quarterly installments of $12,975 commencing in March, 2016 plus a balloon payment due in June, 2017. The Partnership's credit facilities of $350,000 and $25,000 will be repaid in 9 equal consecutive quarterly installments of $8,069 and $1,000 respectively commencing in March, 2016 plus a balloon payment for each facility due in March, 2018.
As of June 30, 2012 the Partnership's loan amounts drawn under its credit facilities are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vessel / Entity
  
Date
 
  
$370,000 Credit
Facility (i)
 
  
$350,000 Credit
Facility (ii)
 
  
$25,000 Credit
Facility (iii)
 
M/T Akeraios
  
 
07/13/2007
  
  
$
46,850
  
  
$
—  
  
  
$
—  
  
M/T Apostolos
  
 
09/20/2007
  
  
 
56,000
  
  
 
—  
  
  
 
—  
  
M/T Anemos I
  
 
09/28/2007
  
  
 
56,000
  
  
 
—  
  
  
 
—  
  
M/T Alexandros II
  
 
01/29/2008
  
  
 
48,000
  
  
 
—  
  
  
 
—  
  
M/T Amore Mio II
  
 
03/27/2008
  
  
 
—  
  
  
 
46,000
  
  
 
—  
  
M/T Aristofanis
  
 
04/30/2008
  
  
 
—  
  
  
 
11,500
  
  
 
—  
  
M/T Aristotelis II
  
 
06/17/2008
  
  
 
20,000
  
  
 
—  
  
  
 
—  
  
M/T Aris II
  
 
08/20/2008
  
  
 
24,000
  
  
 
1,584
  
  
 
—  
  
M/V Cape Agamemnon
  
 
06/09/2011
  
  
 
—  
  
  
 
 
 
  
 
19,000
  
Crude Carriers Corp. and its subsidiaries
  
 
09/30/2011
  
  
 
—  
  
  
 
134,580
  
  
 
—  
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
 
 
 
  
$
250,850
  
  
$
193,664
  
  
$
19,000
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
For the six month period ended June 30, 2012 and 2011 interest expense amounted to $18,379 and $15,717 respectively. As of June 30, 2012 the weighted average interest rate of the Partnership's loan facilities was 3.14%.