XML 101 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Long-Term Debt | 6 Months Ended
--- | ---
Jun. 30, 2013
Long-Term Debt (Abstract) |
Long-Term Debt |
7. | Long-Term Debt
Long-term debt consists of the following:
|  | Bank Loans |  | Entity |  | As of June 30, 2013 |  |  | As of December 31, 2012 |  |  | Margin |
(i) |  | Issued in April, 2007 maturing in June, 2017 |  | Capital Product Partners L.P. |  | $ | 250,850 |  |  | $ | 250,850 |  |  | 2% |
(ii) |  | Issued in March, 2008 maturing in March 2018 |  | Capital Product Partners L.P. |  | $ | 241,165 |  |  |  | 188,515 |  |  | 3% |
(iii) |  | Issued in June 2011 maturing in March 2018 |  | Capital Product Partners L.P. |  | $ | 19,000 |  |  |  | 19,000 |  |  | 3.25% |
|  | Total |  |  |  | $ | 511,015 |  |  | $ | 458,365 |  |  |  |
|  | Less: Current portion |  |  |  | $ | 5,400 |  |  |  | - |  |  |  |
|  | Long-term portion |  |  |  | $ | 505,615 |  |  | $ | 458,365 |  |  |  |
As of June 30, 2013 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 |
M/V Hyundai Premium |  |  | 03/20/2013 |  |  |  |  |  |  |  | 26,325 |  |  |  | — |
M/V Hyundai Paramount |  |  | 03/27/2013 |  |  |  |  |  |  |  | 26,325 |  |  |  | — |
Crude Carriers Corp. and its subsidiaries |  |  | 09/30/2011 |  |  |  | — |  |  |  | 129,431 |  |  |  | — |
Total |  |  |  |  |  | $ | 250,850 |  |  | $ | 241,165 |  |  | $ | 19,000 |
As of June 30, 2013 and December 31, 2012, the Partnership was in compliance with all financial debt covenants. On March 20, and March 27, 2013, the Partnership had drawn in total the amount of $54,000 from the undrawn portion of its $350,000 credit facility in order to partly finance the acquisition of the vessel owning companies of the M/V Aristotelis and the M/V Attalos respectively (Note 3). The amount of $54,000 is payable in twenty equal consecutive quarterly installments of $1,350 commencing in June 2013 plus a balloon payment of $27,000 in March 2018. On March 27, 2013 the Partnership's credit facility of $350,000 was converted into a term loan, and the undrawn amount of $1,420 was cancelled. Following the exchange of the M/T Achilleas with the M/V Agamemnon and the M/T Alexander the Great with the M/V Archimidis in December 2012, the Partnership prepaid from its available cash the amount of $5,149 and the M/V Archimidis and the M/V Agamemnon replaced the M/T Alexander the Great and the M/T Achilleas as collateral under its credit facility of $350,000. Following the issuance of Class B Convertible Preferred Units in May and June 2012 (Note 9), the Partnership prepaid 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 $7,855 and $1,000 respectively commencing in March, 2016 plus a balloon payment for each facility due in March, 2018. 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 disposal of its vessel M/T Aristofanis. 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 disposal of its vessel M/T Attikos. For the six month period ended June 30, 2013 and 2012 interest expense amounted to $7,077 and $18,379 respectively. As of June 30, 2013 the weighted average interest rate of the Partnership's loan facilities was 2.71%.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration