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DEBT | 9 Months Ended
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Sep. 30, 2020
DEBT |
DEBT | 7 – DEBT ​ Long-term debt, net consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​
​ |  | 2020 |  | 2019 |
Principal amount |  | $ | 475,433 |  | $ | 495,824 | ​
Less: Unamortized debt financing costs | ​ |  | (10,650) | ​ |  | (13,094) | ​
Less: Current portion | ​ |  | (80,642) | ​ |  | (69,747) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt, net |  | $ | 384,141 |  | $ | 412,983 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020 | ​ | December 31, 2019 | ​
​ | ​ | ​ | ​ | ​ | Unamortized | ​ | ​ | ​ | ​ | Unamortized | ​
​ | ​ | ​ | ​ | ​ | Debt Issuance | ​ | ​ | ​ | ​ | Debt Issuance | ​
​ |  | Principal |  | Cost |  | Principal |  | Cost |
$495 Million Credit Facility | ​ | $ | 356,993 | ​ | $ | 9,081 | ​ | $ | 395,724 | ​ | $ | 11,642 | ​
$133 Million Credit Facility | ​ | ​ | 118,440 | ​ | ​ | 1,569 | ​ | ​ | 100,100 | ​ | ​ | 1,452 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt | ​ | $ | 475,433 |  | $ | 10,650 | ​ | $ | 495,824 |  | $ | 13,094 | ​
​ As of September 30, 2020 and December 31, 2019, $10,650 and $13,094 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Company’s Condensed Consolidated Balance Sheets. ​ $495 Million Credit Facility On May 31, 2018, the Company entered into the $460 Million Credit Facility, a five-year senior secured credit facility for an aggregate amount of up to $460,000 which was used to (i) refinance all of the Company’s prior credit facilities into one facility and (ii) pay down the debt on seven of the Company’s oldest vessels, which have been sold. ​ On February 28, 2019, the Company entered into an amendment to the $460 Million Credit Facility, which provided an additional tranche of up to $35,000 to finance a portion of the acquisitions, installations, and related costs for scrubbers for 17 of the Company’s Capesize vessels (as so amended, the “$495 Million Credit Facility”). ​ On June 5, 2020, the Company entered into an amendment to the $495 Million Credit Facility to extend the period that collateral vessels can be sold or disposed of without prepayment of the loan if a replacement vessel or vessels meeting certain requirements are included as collateral from 180 days to 360 days. ​ On August 28, 2019, September 23, 2019 and March 12, 2020, the Company made total drawdowns of $9,300, $12,200 and $11,250, respectively, under the $35 million tranche of the $495 Million Credit Facility. As of September 30, 2020, the Company drew down a total of $32,750, and this tranche is considered fully drawn. Scheduled quarterly repayments under this tranche are $2,339. ​ As of September 30, 2020, there was no availability under the $495 Million Credit Facility. Total debt repayments of $16,660 and $15,000 were made during the three months ended September 30, 2020 and 2019 under the $495 Million Credit Facility, respectively. Total debt repayments of $49,981 and $49,575 were made during the nine months ended September 30, 2020 and 2019 under the $495 Million Credit Facility, respectively. ​ As of September 30, 2020, the Company was in compliance with all of the financial covenants under the $495 Million Credit Facility. ​ $133 Million Credit Facility ​ On August 14, 2018, the Company entered into the $108 Million Credit Facility, a five-year senior secured credit facility that was used to finance a portion of the purchase price of six vessels, which also serve as collateral under the facility, which were delivered to the Company during the three months ended September 30, 2018. ​ On June 11, 2020, the Company entered into an amendment and restatement agreement to the $108 Million Credit Facility which provided for a revolving credit facility of up to $25,000 (the “Revolver”) for general corporate and working capital purposes (as so amended, the “$133 Million Credit Facility”). The key terms associated with the Revolver are as follows: ​
| ● | The final maturity date of the Revolver is August 14, 2023.
​
| ● | Borrowings under the Revolver may be incurred pursuant to multiple drawings on or prior to July 1, 2023 in minimum amounts of $1,000.
​
| ● | Borrowings under the Revolver will bear interest at LIBOR plus 3.00%
​
| ● | The Revolver is subject to consecutive quarterly commitment reductions commencing on the last day of the fiscal quarter ending September 30, 2020 in an amount equal to approximately $1.9 million each quarter.
| ● | Borrowings under the Revolver are subject to a limit of 60% for the ratio of outstanding total term and revolver loans to the aggregate appraised value of collateral vessels under the $133 Million Credit Facility.
​ The collateral and financial covenants otherwise remain substantially the same as they were under the $108 Million Credit Facility. ​ On June 15, 2020, the Company drew down $24,000 under the Revolver of the $133 Million Credit Facility. ​ As of September 30, 2020, there was no availability under the $133 Million Credit Facility. Total debt repayments of $2,380 and $1,580 were made during the three months ended September 30, 2020 and 2019 under the $133 Million Credit Facility, respectively. Total debt repayments of $5,660 and $4,740 were made during the nine months ended September 30, 2020 and 2019 under the $133 Million Credit Facility, respectively. ​ As of September 30, 2020, the Company was in compliance with all of the financial covenants under the $133 Million Credit Facility. ​ Interest rates ​ The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2020 | ​ | 2019 | ​ | 2020 | ​ |  | 2019 | ​
Effective Interest Rate | ​ | 3.23 | % | 5.31 | % | 3.89 | % |  | 5.44 | %
Range of Interest Rates (excluding unused commitment fees) | ​ | 2.65 % to 3.56 | % | 4.54 % to 5.49 | % | 2.65 % to 5.05 | % |  | 4.54 % to 5.76 | %
​

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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