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


	June 30, 2023			December 31, 2022
Experience Vessel Financing	$	129,938		$	136,119
2017 Bank Loans		78,896			83,640
EE Revolver		—			—
Term Loan Facility		250,000			—
Total debt		458,834			219,759
Less unamortized debt issuance costs		(9,017	)		(5,450	)
Total debt, net		449,817			214,309
Less current portion, net		(29,507	)		(20,913	)
Total long-term debt, net	$	420,310		$	193,396

The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate debt obligations during the six months ended June 30, 2023.


	For the six months ended June 30, 2023
	Range	Weighted Average
Experience Vessel Financing	8% – 8.2%	8.1%
2017 Bank Loans	7% – 9.8%	8.7%
Term Loan Facility	7.8% – 8.3%	8.1%

In December 2016, we entered into a sale leaseback agreement with a third party to provide $247.5 million of financing for the Experience vessel (the “Experience Vessel Financing”). Due to our requirement to repurchase the vessel at the end of the term, the transaction was accounted for as a failed sale leaseback (a financing transaction). Under the Experience Vessel Financing agreement,

the Company makes quarterly principal payments of $3.1 million and interest payments at the 3-month SOFR plus 3.4% through the loan’s maturity in December 2033.

In the second quarter of 2023, we executed an amendment to convert the reference rate in the Experience Vessel Financing from LIBOR to the SOFR yield curve. Prior to the amendment, the Company made interest payments at the 3-month LIBOR plus 3.25%.

Under the Company's financing agreement for the Moheshkhali LNG terminal in Bangladesh (the “2017 Bank Loans”), the Company entered into two loan agreements with external banks. Under the first agreement, the Company borrowed $32.8 million, makes semi-annual payments and accrues interest at the 6-month LIBOR plus 2.42% through the loan maturity date of October 15, 2029.

Under the second agreement, the Company borrowed $92.8 million, makes quarterly payments and accrues interest at the 3-month LIBOR plus 4.50% through the loan maturity date of October 15, 2029.

As of June 30, 2023, we have not entered into amendments to transition the 2017 Bank Loans from LIBOR to the SOFR yield curve. In April 2023, the Financial Conduct Authority of the United Kingdom announced its decision to require the publication of unrepresentative synthetic LIBOR rates. As such, the 2017 Bank Loans will continue to accrue interest based on the synthetic LIBOR rates until the 2017 Bank Loans are amended.

On April 18, 2022, EELP entered into a senior secured revolving credit agreement (“Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the lenders and issuing banks thereunder made available a revolving credit facility (the “EE Revolver”), including a letter of credit sub-facility, to EELP. The EE Revolver enabled us to borrow up to $350 million over a three-year term originally set to expire in April 2025.

On March 17, 2023, EELP entered into an amended and restated senior secured credit agreement (“Amended Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent. The Amended Credit Agreement provides for, among other things (i) a new $250 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, the “EE Facilities”), (ii) an extension of the maturity date of the EE Revolver, (iii) an increase in the maximum consolidated total leverage by 0.50x to 3.50x, provided that, if the aggregate value of all unsecured debt is equal to or greater than $250 million, maximum consolidated total leverage increases to 4.25x, and (iv) collateral vessel maintenance coverage to be not less than the greater of (a) $750 million and (b) 130% of the sum of the total credit exposure under the Amended Credit Agreement. Proceeds from the Term Loan Facility were used for the acquisition of the FSRU Sequoia in April 2023. The EE Facilities mature in March 2027. Proceeds from the EE Revolver are intended to be used for letters of credit, working capital and other general corporate purposes.

Borrowings under the EE Revolver bear interest at a per annum rate equal to the term SOFR reference rate for such period plus an applicable margin, which applicable margin is based on EELP’s consolidated total leverage ratio as defined and calculated under the Amended Credit Agreement. The unused portion of the EE Facilities is subject to an unused commitment fee calculated at a rate per annum ranging from 0.375% to 0.50% based on EELP’s consolidated total leverage ratio.

The Amended Credit Agreement contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio, minimum consolidated interest coverage ratio and collateral vessel maintenance coverage covenants), and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed under the EE Facilities.

As of June 30, 2023, the Company had issued $80.9 million in letters of credit under the EE Revolver and was in compliance with the covenants under its debt facilities. As a result of the EE Revolver’s financial ratio covenants and after taking into account the outstanding letters of credit issued under the facility, all of the $269.1 million of undrawn capacity was available for additional borrowings as of June 30, 2023.

Future principal payments on long-term debt outstanding as of June 30, 2023 are as follows (in thousands):


Remainder of 2023	$	11,077
2024		22,693
2025		23,435
2026		24,239
2027		275,081
Thereafter		102,309
Total debt, net	$	458,834