Debt (Tables)

12 Months Ended

Dec. 31, 2018

Long-term debt consists of the following:



	December 31, 2018			December 31, 2017
Norwegian Bond Debt	$	196,000,000		$	200,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(5,530,845		)	(6,049,671		)
Less: Current Portion - Norwegian Bond Debt	(8,000,000		)	(4,000,000		)
Norwegian Bond Debt, net of debt discount and debt issuance costs	182,469,155			189,950,329
New First Lien Facility *	60,000,000			65,000,000
Debt discount and debt issuance costs - New First Lien Facility	(1,060,693		)	(1,241,815		)
Less: Current Portion - New First Lien Facility	(10,750,000		)	—
New First Lien Facility, net of debt discount and debt issuance costs	48,189,307			63,758,185
Original Ultraco Debt Facility	82,600,000			61,200,000
Debt discount and debt issuance costs - Original Ultraco Debt Facility	(1,248,885		)	(1,224,838		)
Less: Current Portion - Original Ultraco Debt Facility	(10,426,230		)	—
Original Ultraco Debt Facility, net of debt discount and debt issuance costs	70,924,885			59,975,162
Total long-term debt	$	301,583,347		$	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 was repaid during 2018.

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:



	For the Years Ended
	December 31, 2018		December 31, 2017		December 31, 2016
First Lien Facility / Exit Financing Facility interest *	$	—	$	10,305,275	$	9,938,822
Amortization of debt discount and debt issuance costs	1,913,651		5,927,984		4,532,481
Payment in kind interest on Second Lien Facility	—		10,098,401		7,327,843
Original Ultraco Debt Facility interest	3,774,309		1,269,581		—
Norwegian Bond Debt interest	16,424,449		1,558,333		—
New First Lien Facility interest	3,509,790		209,420		—
Commitment fees - Super Senior Revolver Facility	121,332		8,000		—
Total Interest Expense	$	25,743,531	$	29,376,994	$	21,799,146

* The Exit Financing Facility was amended and restated on March 30, 2016 as a result of entering into the First Lien Facility.

Schedule of Maturities of Long-term Debt

The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years.



	Norwegian Bond Debt		New First Lien Facility *		Original Ultraco Debt Facility *		Total

2019	$	8,000,000	$	10,750,000	$	10,426,230	$	29,176,230
2020	8,000,000		8,600,000		8,340,984		24,940,984
2021	8,000,000		8,600,000		8,340,984		24,940,984
2022	172,000,000		32,050,000		55,491,802		259,541,802
	$	196,000,000	$	60,000,000	$	82,600,000	$	338,600,000

* The scheduled maturities exclude the impact of the refinancing of the New First Lien Facility and Original Ultraco Debt Facility on January 25, 2019.