Long-term Debt - Related Party

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-term debt - related party

11.Long-term debt – related party

The Company’s related party long-term debt consists of the following (in thousands):

	March 31, 2022			December 31, 2021
Exquisite Vessel Financing	$	194,368		$	196,213
KFMC Note		60,000			—
KFMC-ENE Onshore Note		3,400			2,100
Total related party debt		257,768			198,313
Less current portion		(7,250	)		(7,096	)
Total long-term related party debt	$	250,518		$	191,217

Exquisite Vessel Financing

In June 2018, the Company entered into a sale leaseback agreement with Nakilat Excelerate LLC, its equity method investment (“Nakilat JV”), to provide $220.0 million of financing for the Exquisite vessel at 7.73% (the “Exquisite Vessel Financing”). The agreement was recognized as a failed sale leaseback transaction and was treated as financing due to the Company’s lease of the vessel.

KFMC Note

In November 2018, the Company entered into a promissory note (the “KFMC Note”) with Kaiser-Francis Management Company, L.L.C. (“KFMC”), an affiliate of Kaiser, as lender. The KFMC Note was amended and restated in its entirety in September 2021 and further amended in October 2021, allowing EELP to draw funds up to $250 million through December 31, 2023 at LIBOR plus 1.55%. Upon consummation of the IPO, the KFMC Note was replaced by the EE Revolver, as discussed in Note 21 – Subsequent events.

KFMC-ENE Onshore Note

In November 2021, KFMC and Excelerate New England Onshore, LLC (“ENE Onshore”) entered into a note (the “KFMC-ENE Onshore Note”) with a maximum commitment of $25 million at an interest rate of one-month LIBOR plus 1.5% (2.0% at March 31, 2022), which matures in December 2023.