Line of Credit

12 Months Ended

Mar. 31, 2015

Line Of Credit Facility [Abstract]

Line of Credit

5. Line of Credit

On January 31, 2015 the Company executed an amendment with its consortium of lenders. Included in the amendment was an increase in the size of the credit facility (the “Line”) from $150,000,000 to $225,000,000 once the tender offer (see Note 1) became effective which was executed on March 13, 2015. The pricing of the Line, which did not change, expires on January 30, 2018, is 300 basis points above 1-month LIBOR with a 1% floor on LIBOR (4.00% at March 31, 2015 and March 31, 2014). Pledged as collateral for this Line are all of the assets of the Company. The outstanding amount of the Line was $199,000,000 and $127,900,000 as of March 31, 2015 and March 31, 2014, respectively. The amount available under the Line was approximately $26,000,000 and $22,100,000 as of March 31, 2015 and March 31, 2014, respectively.

The Line requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new Line as long as the Company is in compliance with a net income covenant. As of March 31, 2015, the Company was in full compliance with all debt covenants.