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Long-Term Debt
 6 Months Ended
Jun. 30, 2014
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, 2014
 
As of
December 31,
2013
 
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.
 
$  235,765
 
238,465
 
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
 
75,000
 
3.50
% 
 
 
Total
 
 
$  580,615
 
$  583,315
 
 
 
 
 
Less: Current portion
 
 
5,400
 
5,400
 
 
 
 
 
Long-term portion
 
 
$  575,215
 
$  577,915
 
 
 
 
 
.
 
 
 
 
As of June 30, 2014 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)
 
$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
 
—
 
23,625
 
—
 
—
 
M/V Hyundai Paramount
03/27/2013
 
—
 
23,625
 
—
 
—
 
M/V Hyundai Prestige, M/V Hyundai Privilege, M/V Hyundai Platinum
09/11/2013
 
—
 
—
 
—
 
75,000
 
Crude Carriers Corp. and its subsidiaries
09/30/2011
 
—
 
129,431
 
—
 
—
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
$  250,850
 
$  235,765
 
$  19,000
 
$  75,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
.
 
 
 
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 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”, “Hyundai Privilege” and “Hyundai Platinum” respectively (Note 5). 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 June 30, 2014 the Partnership 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 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 each commencing in June 2013 plus a balloon payment of $27,000 in March 2018.
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.
Details of the Partnership's credit facilities are discussed in note 7 of the Partnership's Consolidated Financial Statements for the year ended December 31, 2013 included in the Partnership's Annual Report on Form 20-F. As of June 30, 2014 and December 31, 2013 the Partnership was in compliance with all financial debt covenants.
For the six month periods ended June 30, 2014 and 2013 interest expense amounted to $8,196 and $7.077, respectively. As of June 30, 2014 the weighted average interest rate of the Partnership's loan facilities was 2.79%.