Debt

6 Months Ended

Jun. 30, 2024

DEBT

At June 30, 2024 and December 31, 2023, long-term debt consisted of the following:


	June 30, 2024		December 31, 2023
$150,000 Credit facility at variable interest rate (8.72%1 weighted average at June 30, 2024), due February 2027 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 $2,771 and $3,292, respectively 2	$	55,229	$	39,208
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $7,232 and $8,235, respectively, including unamortized premium of $8,600 and $9,800, respectively, due February 2028, secured 2	384,168		381,965
Total	439,397		421,173
Less: current portion	—		—
Total long-term debt, net of current portion	$	439,397	$	421,173

1 The interest rate fluctuates based on Adjusted Term SOFR (set on the date of each advance) or the alternate base rate plus an applicable margin. The margin is set every three months. All amounts outstanding at June 30, 2024 were at Adjusted Term SOFR plus an applicable margin. The applicable margin for revolving loans that are SOFR loans currently ranges from 2.75% to 3.75%, and the applicable margin for revolving loans that are alternate base rate loans currently ranges from 1.75% to 2.75%. The applicable margin for SOFR borrowings at June 30, 2024 is 3.25%. The applicable margin for SOFR borrowings effective July 17, 2024, is 3.25%. The credit facility contains various covenants that 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").

2 The Partnership was in compliance with all debt covenants as of June 30, 2024 and December 31, 2023.

The Partnership paid cash interest in the amount of $1,585 and $2,632 for the three months ended June 30, 2024 and 2023, respectively. The Partnership paid cash interest in the amount of $26,238 and $24,808 for the six months ended June 30, 2024 and 2023, respectively. Capitalized interest was $291 and $7 for the three months ended June 30, 2024 and 2023, respectively. Capitalized interest was $443 and $11 for the six months ended June 30, 2024 and 2023, respectively.