Debt (Tables)

3 Months Ended

Mar. 31, 2020

At March 31, 2020 and December 31, 2019, long-term debt consisted of the following:



	March 31, 2020			December 31, 2019
$400,000 Revolving credit facility at variable interest rate (3.93%¹ weighted average at March 31, 2020), due August 2023⁴secured 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 $4,457 and $4,586, respectively²	$	165,543		$	196,414
$400,000 Senior notes, 7.25% interest, net of unamortized debt issuance costs of $599 and $770, respectively, including unamortized premium of $267 and $344, respectively, issued $250,000 February 2013 and $150,000 April 2014, $26,200 repurchased during 2015, $9,344 repurchased during 2020, due February 2021, unsecured^2,3,4,5	364,124			373,374
Total	529,667			569,788
Less: current portion	(364,124		)	—
Total long-term debt, net of current portion	$	165,543		$	569,788

Current installments of finance lease obligations	$	5,114		$	6,758
Finance lease obligations	526			717
Total finance lease obligations	$	5,640		$	7,475

¹ Interest rate fluctuates based on the LIBOR rate plus an applicable margin set on the date of each advance. The margin above LIBOR is set every three months. Indebtedness under the credit facility bears interest at LIBOR plus an applicable margin or the base prime rate plus an applicable margin. All amounts outstanding at March 31, 2020 and December 31, 2019 were at LIBOR plus an applicable margin. The applicable margin for revolving loans that are LIBOR loans ranges from 2.25% to 3.50% and the applicable margin for revolving loans that are base prime rate loans ranges from 1.25% to 2.50%. The applicable margin for existing LIBOR borrowings at March 31, 2020 is 3.25%. The credit facility contains various covenants which limit the Partnership’s ability to 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 Partnership is permitted to make quarterly distributions so long as no event of default exists.

² The Partnership is in compliance with all debt covenants as of March 31, 2020 and December 31, 2019, respectively.

³The 2021 indenture restricts 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.

⁴As of March 31, 2020, the Partnership’s 7.25% senior unsecured notes due 2021 (the "2021 Notes") were due within twelve months and have therefore been presented as a current liability on the Consolidated and Condensed Balance Sheets at March 31, 2020. The Partnership's amended revolving credit facility includes a provision which accelerates the maturity date to August 19, 2020 if the 2021 Notes are not refinanced in a manner not prohibited by the facility. If the Partnership is unable to refinance the 2021 Notes and is unable to repay the outstanding borrowings under its revolving credit facility on August 19, 2020, the Partnership's ability to meet its obligations would be adversely affected. Failure to comply with this provision, if not waived, would result in an event of default under the Partnership's revolving credit facility, the potential acceleration of outstanding debt thereunder, and the potential foreclosure on the collateral securing such debt, and could cause a cross-default under other agreements, which could also result in the acceleration of those obligations by the counterparties to those agreements. The Partnership, with support from the Board of Directors, is actively pursuing a variety of strategic alternatives to strengthen the balance sheet and address near term maturities and accordingly, announced on April 6, 2020, the hiring of Stephens Inc. as a financial advisor to assist in the process. Pending the successful implementation of the refinancing, the conditions described above have raised substantial doubt about the Partnership’s ability to continue as a going concern. The Partnership’s management is engaged in ongoing communication with credit providers and presently believes the measures being taken will enable the Partnership to successfully refinance the 2021 Notes and comply with covenants under its revolving credit facility, although no assurance can be given.

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