Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2013

Long-Term Debt [Abstract]

Long-term Debt

Long-term debt consisted of the following:
( in thousands)		Interest Rate			Total Principal Due
		March 31,	December 31,	Maturity	March 31,	December 31,
Description		2013	2012	Date	2013	2012
Secured:
Notes Payable – Variable Rate	1	2.0346%	2.0600%	2015	$ 12,000	$ 12,666
Notes Payable – Variable Rate		2.5537%	2.5590%	2017	13,063	13,436
Notes Payable – Variable Rate	2	2.7037%	2.7090%	2017	28,500	30,000
Notes Payable – Variable Rate		2.78-2.80%	2.81-2.85%	2018	47,840	48,760
Notes Payable – Variable Rate	3	2.7801%	2.8090%	2018	18,038	18,896
Notes Payable – Variable Rate	3	2.8158%	2.8158%	2018	17,593	17,908
Notes Payable – Variable Rate		2.9536%	2.9810%	2018	14,910	15,620
Notes Payable – Variable Rate	4	1.8100%	1.8314%	2020	37,845	42,089
Unsecured Line of Credit	5	3.9600%	3.9597%	2014	26,255	38,255
					216,044	237,630
				Less Current Maturities	(25,729)	(26,040)
					$ 190,315	$ 211,590

1. We have interest rate swap agreements in place to fix the interest rate on our variable rate note payable expiring in 2015 at 4.41%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 6.16%. The swap agreements are for the same terms as the associated note payable.

2. We entered into a variable rate financing agreement with Capital One N.A. on November 30, 2012 for a five year facility totaling $30 million to finance a portion of the acquisition of UOS. This facility was fully drawn prior to the end of 2012.

3. We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Cape Size vessel and a Handymax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.2 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million on January 24, 2012.

4. We have an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 3.715%. The swap agreement is for the same term as the associated note payable.

5. Effective November 28, 2012, our revolving credit facility was increased from $30 million to $42 million to provide additional funds for working capital purposes. This revolver was considered fully drawn at December 31, 2012 and the $12 million increase was fully repaid in January 2013. At the point of repayment, the revolving credit facility was reduced back to $30 million with $3.745 million used as collateral for various letters of credit. At March 31, 2013, the $30 million revolver was considered fully drawn with $9 million repaid in early April 2013. The expiration of this facility is July of 2014. The net weighted average interest rate on all of our long-term debt after consideration of the effect of our interest rate swaps at March 31, 2013 and December 31, 2012 was 3.3469% and 3.2645%, respectively.