Debt (Tables)

9 Months Ended

Sep. 30, 2018



	September 30, 2018			December 31, 2017
Norwegian Bond Debt	$	200,000,000		$	200,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(5,297,156		)	(6,049,671		)
Less:Current portion of Norwegian Bond Debt	(8,000,000		)	(4,000,000		)
Norwegian Bond Debt, net of debt discount and debt issuance costs	186,702,844			189,950,329
New First Lien Facility *	60,000,000			65,000,000
Debt discount and debt issuance costs - New First Lien Facility	(1,128,553		)	(1,241,815		)
Less:Current portion of New First Lien Facility	(8,600,000		)	—
New First Lien Facility, net of debt issuance costs and debt discount	50,271,447			63,758,185
Ultraco Debt Facility	69,800,000			61,200,000
Debt discount and debt issuance costs - Ultraco Debt Facility	(1,099,094		)	(1,224,838		)
Less:Current portion of Ultraco Debt Facility	(7,150,285		)	—
Ultraco Debt Facility, net of debt issuance costs and debt discount	61,550,621			59,975,162
Total long-term debt, net of debt issuance costs and debt discount	$	298,524,912		$	313,683,676

* Includes loan balances on term loan and revolver loan facility under the New First Lien Facility as of December 31, 2017. The revolver loan of $5.0 million under the New First Lien Facility was repaid in the first quarter of 2018.

Schedule of Debt Instrument Redemption

The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including:





Period		Redemption Price
First Call Date to, but not including, the Interest Payment Date in November 2020		104.125%
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021		103.3%
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021		102.475%
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022		101.65%
Interest Payment Date in May 2022 to, but not including, the Maturity Date		100%

Schedule Of Interest Expense

Interest Expense consisted of:



	Three Months Ended				Nine Months Ended
	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
First Lien Facility	$	—	$	2,822,208	$	—	$	8,233,130
Norwegian Bond Debt	4,216,667		—		12,420,834		—
New First Lien Facility	920,662		—		2,596,855		—
Amortization of Debt issuance costs	463,618		1,656,197		1,433,971		4,558,145
Payment in kind interest on Second Lien Facility	—		2,772,652		—		7,749,872
Ultraco Debt Facility	942,879		585,942		2,680,580		599,599
Super Senior Facility - commitment fees	31,000		—		90,666		—
Total Interest Expense	$	6,574,826	$	7,836,999	$	19,222,906	$	21,140,746

Schedule of Debt Maturities

The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years.



	Norwegian Bond Debt		New First Lien Facility		Ultraco Debt Facility*		Total
Three months ended December 31, 2018	$	4,000,000	$	—	$	—	$	4,000,000
2019	8,000,000		10,750,000		8,937,855		27,687,855
2020	8,000,000		8,600,000		7,150,285		23,750,285
2021	8,000,000		8,600,000		7,150,285		23,750,285
2022	172,000,000		32,050,000		46,561,575		250,611,575
	$	200,000,000	$	60,000,000	$	69,800,000	$	329,800,000

*The scheduled maturities of principal amounts for the Ultraco Debt Facility exclude the impact of the Second Amendment and subsequent drawdown of $12.8 million for the acquisition of the Hamburg Eagle on October 22, 2018.