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Long-Term Debt | 12 Months Ended
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Dec. 31, 2013
Long-Term Debt (Abstract) |
Long-Term Debt | 7. Long-Term Debt Long-term debt consists of the following:
|  | Bank Loans |  | Entity |  | As of December 31, 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 |  |  |  | 2.00 | %
(ii) |  | Issued in March, 2008 maturing in March 2018 |  | Capital Product Partners L.P. |  | $ | 238,465 |  |  |  | 188,515 |  |  |  | 3.00 | %
(iii) |  | Issued in June 2011 maturing in March 2018 |  | Capital Product Partners L.P. |  | $ | 19,000 |  |  |  | 19,000 |  |  |  | 3.25 | %
(iv) |  | Issued in September 2013 maturing in December 2020 |  | Capital Product Partners L.P. |  | $ | 75,000 |  |  |  | - |  |  |  | 3.50 | %
|  | Total |  |  |  | $ | 583,315 |  |  | $ | 458,365 |  |  |  |  |
|  | Less: Current portion |  |  |  | $ | 5,400 |  |  |  | - |  |  |  |  |
|  | Long-term portion |  |  |  | $ | 577,915 |  |  | $ | 458,365 |  |  |  |  |
As at December 31, 2013, the amounts drawn down under the Partnership's four credit facilities were as follows:
Vessel / Entity |  | Date | $370,000 Credit Facility (i) | $350,000 Credit Facility (ii) | $25,000 Credit Facility (iii) | $225,000 Senior Secured Credit Facility (iv) |
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 |  | — |  | 24,975 |  | — | — |
M/V Hyundai Paramount |  |  | 03/27/2013 |  | — |  | 24,975 |  | — | — |
M/V Hyundai Prestige(CCNI Angol), M/V Hyundai Privilege, M/V Hyundai Platinum |  |  | 09/06/2013 |  | — |  | — |  | — | 75,000 |
Crude Carriers Corp. and its subsidiaries |  |  | 09/30/2011 |  | — |  | 129,431 |  | — | — |
Total |  |  |  | $ | 250,850 | $ | 238,465 | $ | 19,000 | $ 75,000 |
In September 2013 the Partnership entered into a new senior secured credit facility of up to $200,000, which was amended in December, 2013 to upsize it up to $225,000, led by ING Bank N.V. in order to partly finance the acquisition cost of certain vessels. The facility is divided in two tranches. Tranche A consisted of $75,000 which was drawn down on September 11, 2013, in order to part finance the acquisition cost of the shares of Anax Container Carrier S.A., Cronus Container Carrier S.A. and Thiseas Container Carrier S.A. that were the owning companies of the 2013-built 5,000 TEU container vessels “Hyundai Prestige” (renamed to “CCNI Angol”), “Hyundai Privilege” and “Hyundai Platinum” respectively (Note 3). Tranche B, consisted of $150,000, which will be available in multiple advances in order to finance up to 50% of the acquisition cost of certain additional ships or to finance the cost of acquiring the issued share capital of an additional vessel owning company. As of December 31, 2013 the Partneship had not drawn down any amount of Tranche B. The facility is repayable in twenty consecutive quarterly installments, beginning in March 2016, in the amount that provides for the overall thirteen and sixteen year repayment profiles on sub facilities A (Tranche A) and B (Tranche B) respectively, after adjustment for the security vessel age at acquisition date and availability period. All amounts outstanding, including the balloon payment, will become due and payable in December 2020. The facility bears interest at LIBOR plus a margin of 3.50% and commitment fees of 1.0%. In November, 2013 the Partnership amended its credit facility of $370,000 in order to replace the M/T Agamemnon II which was sold on November 5, 2013 (Note 5) with the M/T Aristotelis as a security. In March, 2013, the Partnership's credit facility of $350,000 was converted into a term loan, and the undrawn amount of $1,420 was cancelled. 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 Hyundai Premium and the M/V Hyundai Paramount 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. 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 13), the Partnership prepaid debt of $149,566 across its three credit facilities by using in full the net proceeds of the issuance of $136,419 and an amount of $13,147 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. The Partnership's credit facilities contain customary ship finance covenants, including restrictions as to: changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness, the mortgaging of vessels, the ratio of EBITDA to Net Interest Expenses shall be no less than 2:1, minimum cash requirement of $500 per vessel, as well as the ratio of net Total Indebtedness to the aggregate Market Value of the total fleet shall not exceed 0.725:1. The credit facilities also contain the collateral maintenance requirement in which the aggregate average fair market value, of the collateral vessels shall be no less than 125% of the aggregate outstanding amount under these facilities. Also the vessel-owning companies may pay dividends or make distributions when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. As of December 31, 2013 and 2012 the Partnership was in compliance with all financial debt covenants. The credit facilities have a general assignment of the earnings, insurances and requisition compensation of the respective vessel or vessels. Each also requires additional security, including: pledge and charge on current account; corporate guarantee from each of the thirty vessel-owning companies, and mortgage interest insurance. The Partnership's credit facilities contain a “Market Disruption Clause” where the lenders, at their discretion, may impose additional interest margin if their borrowing rate exceeds effective interest rate (LIBOR) stated in the loan agreement with the Partnership. For the years ended December 31, 2013, 2012 and 2011 the Partnership incurred an additional interest expense in the amount of $0, $373 and $1,290 respectively due to the “Market Disruption Clause”. For the years ended December 31, 2013, 2012 and 2011, the Partnership recorded interest expense of $14,982, $25,788 and $32,216, respectively. As of December 31, 2013 and 2012 the weighted average interest rate of the Partnership's loan facilities was 2.81% and 3.11%, respectively. The required annual loan payments to be made subsequent to December 31, 2013 are as follows:
|  |  | $370,000 Credit Facility (i) | $350,000 Credit Facility (ii) | $25,000 Credit Facility (iii) | $225,000 Senior Secured Credit Facility(iv) | Total
2014 |  |  | $- | $5,400 | $- | $- | $5,400
2015 |  |  | - | 5,400 | - | - | 5,400
2016 |  |  | 51,900 | 36,819 | 4,000 | 5,769 | 98,488
2017 |  |  | 198,950 | 36,819 | 4,000 | 5,769 | 245,538
2018 |  |  | - | 154,027 | 11,000 | 5,769 | 170,796
Thereafter |  |  | - | - | - | 57,693 | 57,693
Total |  |  | $250,850 | $238,465 | $19,000 | $75,000 | $583,315
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- 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
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