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v3.24.3

Long-term debt, net | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Long-term debt, net | 7. Long-term debt, net Long-term debt consists of the following credit facilities, sale and lease back agreements, seller’s credits and unsecured bonds collectively the “financing arrangements”. As of June 30, 2024 and December 31, 2023, the following amounts were outstanding under our financing arrangements: Long-Term Debt - Bank Loans (Table)
|  |  | As of June 30, 2024 |  | As of December 31, 2023 | Rate of interest
| Credit facilities |  |  |  |  |
(i) | Issued in January 2021 maturing in February 2026 (the “CMTC Seller’s Credit”) | $ | 6,000 | $ | 6,000 | Fixed rate
(ii) | Issued in December 2023 maturing in June 2027 (the “Umbrella Seller’s Credit”) |  | 42,164 |  | — | Fixed rate
(iii) | Assumed in December 2021 fully repaid in June 2024 (the “2021 credit facility”) |  | — |  | 101,087 | Margin + Secured Overnight Financing Rate (“SOFR”)
(iv) | Issued in October 2022 maturing in October 2028 (the “2022 credit facility”) |  | 97,020 |  | 99,680 | Margin + SOFR
(v) | Issued in June 2023 maturing in June 2031 (the “2023 credit facility”) |  | 93,750 |  | 96,875 | Margin + SOFR
(vi) | Issued in December 2023 maturing in December 2030 (the “2024 – LNG/C Axios II credit facility ”) |  | 185,000 |  | — | Margin + SOFR
(vii) | Issued in May 2024 maturing in June 2031 (the “2024 – LNG/C Aktoras credit facility”) |  | 240,000 |  | — | Margin + SOFR
(viii) | Issued in June 2024 maturing in June 2031 (the “2024 – LNG/C Aristidis I credit facility”) |  | 155,000 |  | — | Margin + SOFR
(ix) | Issued in June 2024 maturing in July 2032 (the “2024 – LNG/C Apostolos credit facility”) |  | 192,000 |  | — | Margin + SOFR
| Sale and lease back agreements |  |  |  |  |
(x) | Issued in January 2020 fully repaid in April 2024 (the “2020 CMBFL”) |  | — |  | 26,500 | Margin + SOFR
(xi) | Issued in January 2020 fully repaid in April 2024 (the “2020 CMBFL”) |  | — |  | 26,500 | Margin + SOFR
(xii) | Issued in May 2020 fully repaid in March 2024 (the “ICBCFL”) |  | — |  | 38,332 | Margin + SOFR
(xiii) | Assumed in September 2021 maturing in November 2029 (the “2021 Bocomm”) |  | 121,311 |  | 126,479 | Margin + SOFR
(xiv) | Assumed in September 2021 maturing in June 2030 (the “2021 Bocomm”) |  | 116,159 |  | 120,232 | Margin + SOFR
(xv) | Assumed in November 2021 maturing in August 2028 (the “2021 CMBFL - LNG/C”) |  | 126,719 |  | 130,873 | Margin + SOFR
(xvi) | Assumed in November 2021 maturing in September 2028 (the “2021 CMBFL - LNG/C”) |  | 125,707 |  | 129,829 | Margin + SOFR
(xvii) | Assumed in November 2021 maturing in July 2036 (the “2021 Shin Doun”) |  | 127,608 |  | 130,715 | Fixed rate
(xviii) | Issued in December 2022 maturing in January 2031 (the “2022 Jolco”) |  | 102,293 |  | 104,284 | ($69,893: Margin + SOFR, $32,400: Fixed rate)
(xix) | Issued in February 2023 maturing in February 2033 (the “2023 CMBFL - LNG/C”) |  | 173,063 |  | 177,438 | Margin + SOFR
(xx) | Assumed in December 2023 maturing in October 2033 (the “2023 CMBFL - LNG/C AMI”) |  | 185,264 |  | 196,317 | Margin + SOFR
(xxi) | Issued in December 2023 maturing in May 2032 (the “2023 – LNG/C Assos Jolco”) |  | 240,000 |  | — | ($192,000: Margin + SOFR, $48,000: Fixed rate)
| Unsecured Bonds |  |  |  |  |
(xxii) | Issued in October 2021 maturing in October 2026 (the “2021 Bonds”) |  | 160,445 |  | 165,984 | Fixed rate
(xxiii) | Issued in July 2022 maturing in July 2029 (the “2022 Bonds”) |  | 106,963 |  | 110,656 | Fixed rate
| Total long-term debt |  | 2,596,466 |  | 1,787,781 |
| Less: Deferred loan and financing arrangements issuance costs |  | 18,047 |  | 12,486 |
| Total long-term debt, net |  | 2,578,419 |  | 1,775,295 |
| Less: Current portion of long-term debt |  | 129,685 |  | 105,911 |
| Add: Current portion of deferred loan and financing arrangements issuance costs |  | 3,516 |  | 2,795 |
| Long-term debt, net | $ | 2,452,250 | $ | 1,672,179 |
7. Long-term debt, net – Continued Details of the Partnership’s financing arrangements are discussed in Note 7 of the Partnership’s Consolidated Financial Statements for the year ended December 31, 2023. “2024 – LNG/C Aristidis I credit facility” On June 25, 2024, the vessel-owning company of the LNG/C Aristidis I entered into a new credit facility, the “2024 – LNG/C Aristidis I credit facility”, of up to $155,000, mainly for the full repayment of the 2021 credit facility. The Partnership is acting as a parent guarantor. The Partnership drew down the full amount of the facility on June 26, 2024. The facility has a duration of seven years. “2021 credit facility” On June 28, 2024, the Partnership fully repaid $99,403 of the then outstanding 2021 credit facility through the 2024 – LNG/C Aristidis I credit facility. “2024 – LNG/C Apostolos Jolco” On June 25, 2024, the vessel-owning company of the LNG/C Apostolos entered into a new sale and lease back agreement, the “2024 – LNG/C Apostolos Jolco”, of up to $240,000, for the purpose of full repayment of the 2024 – LNG/C Apostolos credit facility. On July 16, 2024, the Partnership drew down the full amount of 2024-LNG/C Apostolos Jolco. The sale and lease back agreement has a duration of eight years. “2024 – LNG/C Apostolos credit facility” On June 20, 2024, the vessel-owning company of the LNG/C Apostolos entered into a new credit facility, the “2024 – LNG/C Apostolos credit facility”, of up to $192,000, for the purpose of partially financing the construction of the vessel (Note 5a). During June 2024 the Partnership drew down the full amount of the facility. The facility was fully repaid on July 16, 2024, through the 2024 – LNG/C Apostolos Jolco. “2024 – LNG/C Aktoras credit facility” On May 31, 2024, the vessel-owning company of the LNG/C Aktoras entered into a new credit facility, the “2024 – LNG/C Aktoras credit facility”, of up to $240,000, for the purpose of partially financing the construction of the vessel (Note 5a). The Partnership is acting as a parent guarantor. During June 2024, the Partnership drew down the full amount of the facility. The facility has a duration of seven years. “2021 Bocomm” On May 14, 2024, we agreed with Bank of Communications Financial Leasing Co., Ltd (“Bocomm”) to amend certain of the terms included in two separate sale and lease back agreements that the companies owning the vessels LNG/C Aristos I and the LNG/C Aristarchos had entered into with Bocomm in 2021. Specifically, effective from May 2024, the Partnership agreed to reduce the interest paid on the outstanding amount and extended the maturity for both facilities by two years. “2023 – LNG/C Assos Jolco” On December 22, 2023, the Partnership entered into a new sale and lease back agreement of up to $240,000, for the purpose of partially financing the acquisition of the shares of the vessel-owning company of the LNG/C Assos (Note 5a). The full amount of the sale and lease back agreement was drawn in May 2024. The 2023 LNG/C Assos Jolco, has a duration of eight years. “2024 – LNG/C Axios II credit facility” On December 20, 2023, the vessel-owning company of the LNG/C Axios II entered into a new credit facility, the “2024 – LNG/C Axios II credit facility”, of up to $190,000, for the purpose of partially financing the construction of the vessel (Note 5a). The Partnership is acting as a parent guarantor. The Partnership drew down the full amount of the facility on January 2, 2024, upon the completion of the acquisition of the vessel from CMTC. The facility has a duration of seven years. 7. Long-term debt, net – Continued “Umbrella Seller’s Credit” On December 21, 2023, upon entering the Umbrella Agreement the Partnership entered into an unsecured seller’s credit agreement with CMTC, the “Umbrella Seller’s Credit” for an amount of up to $220,000 in order to finance a portion of the purchase price of the 11 new 174,000 CBM LNG/C vessels under construction (Note 4). The Umbrella Seller’s Credit provides for interest at a rate of 7.5% per annum and has a maturity date of June 30, 2027. On June 28, June 5 and January 2, 2024, upon the deliveries of the LNG/C Apostolos, the LNG/C Aktoras and the LNG/C Axios II, the Partnership used a portion of $2,264, $39,900 and $92,600, respectively. On February 28, March 11 and April 24, 2024, after the deliveries of the M/V Long Beach Express, the M/V Akadimos and the M/V Athenian to their new owners (Note 5a), the Partnership repaid the amounts of $12,789, $39,973 and $39,838, respectively. “ICBCFL sale and lease back” On March 8, 2024, upon the delivery of the M/V Akadimos to its new owner the Partnership repaid in full the ICBCFL sale and lease back agreement amounting to $38,332. “2020 CMBFL sale and lease back” On April 22 and 26, 2024 upon the delivery of the M/V Athos and the M/V Aristomenis to their new owners the Partnership fully repaid the 2020 CMBFL sale and lease back agreements amounting to $25,700 and $24,900, respectively. During the six-month period ended June 30, 2024, the Partnership repaid the amount of $52,912 in line with the amortization schedule of its financing arrangements and fully repaid $280,935. As of June 30, 2024, and December 31, 2023, the Partnership was in compliance with all financial debt covenants. As of June 30, 2024, an amount of $240,000, pursuant to the 2024 – LNG/C Apostolos Jolco, was remaining available to be drawn for the purpose of the full repayment of the 2024 – LNG/C Apostolos credit facility. The amount was drawn on July 16, 2024. For the six-month periods ended June 30, 2024, and 2023 interest expense amounted to $62,990 and $47,563, respectively and the weighted average interest rate of the Partnership’s loan facilities, financing arrangements and unsecured bonds was 6.8% and 6.2%, respectively.

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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