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Long-Term Debt

6 Months Ended

Jun. 30, 2016

Long-Term Debt [Abstract]

Long-Term Debt

6.         Long-Term Debt

As of June 30, 2016 and December 31, 2015 the Partnership's long-term debt consisted of the following:

		Bank Loans		As of June 30, 2016				As of December 31, 2015				Margin
(i)		Issued in April, 2007 maturing in December, 2019 - $370,000 credit facility (the “2007 credit facility”)		$	185,975			$	185,975				3.00%
(ii)		Issued in March, 2008 maturing in December, 2019 - $350,000 credit facility (the “2008 credit facility”)		$	181,641			$	181,641				3.00%
(iii)		Issued in June 2011 maturing in March 2018 - $25,000 credit facility -(the “2011 credit facility”)		$	14,000			$	14,000				3.25%
(iv)		Issued in September 2013 maturing in December 2020 - (the “2013 credit facility”)		$	216,323			$	190,000				3.50%
		Total long-term debt		$	597,939			$	571,616
		Less: Deferred loan issuance costs			3,321				3,806
		Total long-term debt, net		$	594,618			$	567,810
		Less: Current portion of long-term debt			17,354				12,957
		Add: Current portion of deferred loan issuance costs			984				1,035
		Long-term debt, net		$	578,248			$	555,888

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, 2015.

On February 23, 2016, the Partnership drew the amount of $35,000 from the Tranche B of its existing 2013 credit facility in order to partly finance the acquisition of the shares of the vessel-owning company of the M/V CMA CGM Magdalena (Note 4). During the six month period ended June 30, 2016 the Partnership repaid the amount of $8,677, in line with the amortization schedule of its 2013 credit facility. As of June 30, 2016 there were no undrawn amounts under the Partnership's credit facilities.

As of June 30, 2016 and December 31, 2015 the Partnership was in compliance with all financial debt covenants.

For the six month periods ended June 30, 2016 and 2015 interest expense amounted to $11,055 and $8,230, respectively. As of June 30, 2016 and 2015 the weighted average interest rate of the Partnership's loan facilities was 3.71% and 3.34% respectively.

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- References

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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 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

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