Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

At December 31, 2021 and 2020, long-term debt consisted of the following:


	2021		2020
$275,000 1 Credit facility at variable interest rate (5.00% 1 weighted average at December 31, 2021), due August 2023 4 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries, net of unamortized debt issuance costs of $2,613 and $3,826, respectively 2	$	156,887	$	144,174
$400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $0 and $— respectively, including unamortized premium of $0 and $344, respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, $9,344 repurchased during 2020, and $335,666 refinanced as part of the August 2020 Exchange offer, $28,790 repaid at maturity in February 2021, unsecured 2,3,4,5	—		28,790
$53,750 Senior notes, due February 2024, 10.0% interest, net of unamortized debt issuance costs of $2,433 and $3,577, respectively 2,3	$	51,317	$	50,173
$291,970 Senior notes, due February 2025, 11.5% interest, net of unamortized debt issuance costs of $1,303 and $1,720, respectively 2,3	$	290,667	$	290,250
Total	498,871		513,387
Less: current portion	—		(28,790)
Total long-term debt, net of current portion	$	498,871	$	484,597

Current installments of finance lease obligations	$	280	$	2,707
Finance lease obligations	9		289
Total finance lease obligations	$	289	$	2,996

1 Interest rate fluctuates based on LIBOR plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. All amounts outstanding at December 31, 2021 were at LIBOR plus an applicable margin of 4.00%, with LIBOR having a floor of 1.00%. The applicable margin for revolving loans that are LIBOR loans currently ranges from 2.75% to 4.00% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.75% to 3.00%. The credit facility contains various covenants which limit the Partnership’s ability to make distributions; make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Partnership's omnibus agreement with Martin Resource Management Corporation (the "Omnibus Agreement"). The credit facility was amended July 16, 2021 to, among other things, reduce the commitments thereunder from $300,000 to $275,000.

2 The Partnership was in compliance with all debt covenants as of December 31, 2021.

3 The indentures for each of the outstanding senior notes restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets.

4 On February 15, 2021, our 2021 Notes matured and we retired the outstanding balance of $28,790 using proceeds from our credit facility.

5 In March 2020, the Partnership repurchased on the open market an aggregate $9,344 of the 2021 Notes, resulting in a gain on retirement of $3,484.