Debt And Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2016

Debt And Lease Obligations [Abstract]

Schedule of Debt Obligations

(All Amount in Thousands)	Interest Rate				Maturity	Total Principal Due
Description of Secured Debt	March 31, 2016		December 31, 2015		Date	March 31, 2016		December 31, 2015
ING – Variable Rate 1	-	%	4.6930	%	2018	$	-	$	8,589
ING – Variable Rate 1	4.9106		4.6947-4.7336		2018		1,851		25,146
ING – Variable Rate 1	-		4.8199		2018		-		2,800
Capital One N.A. – Variable Rate 2	2.7885		2.5938		2017		6,274		6,904
Regions – Variable Rate 3	9.6900		9.4400		2017		27,965		33,090
Regions Line of Credit 3	9.6900		9.4400		2017		31,000		31,000
DVB Bank SE – Fixed Rate 4	6.3500		6.3500		2020		32,348		33,664
RBS – Variable Rate 5	4.1874		3.9900		2021		17,632		18,651
							117,070		159,844
			Less: Current Maturities				(113,721)		(156,807)
			Less: Debt Issuance Costs				(3,349)		(3,037)
			Long-Term Debt			$	-	$	-

1.We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three handysize vessels.  Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule.  Tranche I covered the first two vessels delivered with Tranche II covering the last vessel.  Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a capesize vessel and a supramax 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 in June 2011 in the amount of $24.1 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 in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one facility without altering the debt maturities or terms of our indebtedness. Effective November 4, 2015, the interest rate was increased from LIBOR plus 2.5% to LIBOR plus 4.5%. For other changes to the credit facility, refer to “Recent Financing Agreement Waivers and Amendments” within Note F – Debt Obligations of our Annual Report on Form 10-K for the year ended December 31, 2015.

2.In December 2011, we entered into a variable rate financing agreement with Capital One N.A. for a five year facility totaling $15.7 million to finance a portion of the acquisition price of a multi-purpose ice strengthened vessel. This loan requires us to make 59 monthly payments with a final balloon payment of $4.7 million in January 2017.

3.Our original senior secured Credit Facility was scheduled to mature on September 24, 2018 and included a term loan facility in the principal amount of $45.0 million and a LOC in the principal amount of up to $40.0 million. The LOC facility originally included a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. As discussed above, on November 13, 2015, the Credit Facility was amended. The maturity date was accelerated to July 20, 2017. Additionally, the interest rate increased from LIBOR plus 3.5% to LIBOR plus 9.25% which is effective from November 13, 2015 through June 30, 2016 and LIBOR plus 10.0% from July 1, 2016 through July 20, 2017.  For other changes to the credit facility, refer to “Recent Financing Agreement Waivers and Amendments” within Note F – Debt Obligations of our Annual Report on Form 10-K for the year ended December 31, 2015.

4.We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments and a final balloon payment of $20.7 million in August 2020.  This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at March 31, 2016, constituted $0.5 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. Effective November 4, 2015, the interest rate increased from 4.35% to 6.35%. For other changes to the credit facility, refer to “Recent Financing Agreement Waivers and Amendments” within Note F – Debt Obligations of our Annual Report on Form 10-K for the year ended December 31, 2015.

5.We have a $23.0 million loan with Citizens Asset Finance (formerly RBS Asset Finance) that is collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. Late in 2015, this loan agreement was amended to include an increase to the annual interest rate of 1.0%  and in April 2016 this loan agreement was further amended to include an additional increase to the annual interest rate of 0.5%. For additional changes to this facility, refer to “Recent Financing Agreement Waivers and Amendments” within Note F – Debt Obligations of our Annual Report on Form 10-K for the year ended December 31, 2015.