XML 37 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
NOTES PAYABLE (Tables)
 3 Months Ended
Jun. 30, 2016
Debt Instrument [Line Items]  
Schedule of Notes Payable
Notes payable consisted of the following:
 
 
June 30, 2016
 
March 31, 2016
(In thousands)
 
Current Portion
 
Long Term Portion
 
Current Portion
 
Long Term Portion
2013 Term Loans, net of debt discount
 
$
19,312

 
$
3,106

 
$
21,188

 
$
9,738

Prospect Loan
 
—

 
65,990

 
—

 
66,543

KBC Facilities
 
7,646

 
9,086

 
7,646

 
10,998

P2 Vendor Note
 
173

 
283

 
161

 
310

P2 Exhibitor Notes
 
81

 
87

 
79

 
107

Total non-recourse notes payable
 
27,212

 
78,552

 
29,074

 
87,696

Less: Unamortized debt issuance costs
 
—

 
(4,095
)
 
—

 
(4,458
)
Total non-recourse notes payable, net of unamortized debt issuance costs
 
$
27,212

 
$
74,457

 
$
29,074

 
$
83,238

 
 
 
 
 
 
 
 
 
5.5% Convertible Notes Due 2035
 
$
—

 
$
64,000

 
$
—

 
$
—

Cinedigm Term Loans
 
—

 
—

 
—

 
—

Cinedigm Revolving Loans
 
—

 
16,183

 
—

 
21,927

2013 Notes
 
—

 
4,158

 
—

 
4,079

Total recourse notes payable
 
—

 
84,341

 
—

 
26,006

Less: Unamortized debt issuance costs
 
—

 
(2,901
)
 
—

 
(3,068
)
Total recourse notes payable, net of unamortized debt issuance costs
 
$
—

 
$
81,440

 
$
—

 
$
22,938

Total notes payable, net of unamortized debt issuance costs
 
$
27,212

 
$
155,897

 
$
29,074

 
$
106,176
Schedule of Credit Facilities
The following table presents a summary of the KBC Facilities (dollar amounts in thousands):

 
 
 
 
 
 
 
 
Outstanding Principal Balance
Facility1
 
Credit Facility
 
Interest Rate2
 
Maturity Date
 
June 30, 2016
 
March 31, 2016
1

 
$
22,336

 
3.75
%
 
September 2018
 
$
6,382

 
$
7,180

2

 
13,312

 
3.75
%
 
March 2018
 
3,559

 
4,034

3

 
11,425

 
3.75
%
 
March 2019
 
4,488

 
4,896

4

 
6,450

 
3.75
%
 
September 2018
 
2,303

 
2,534

 
 
$
53,523

 
 
 
 
 
$
16,732

 
$
18,644


1. 
For each facility, principal is to be repaid in twenty-eight quarterly installments.
2. 
Each of the facilities bears interest at the three-month LIBOR rate, which was 0.65% at June 30, 2016, plus the interest rate noted above.
Schedule of Assumptions for Fair Value of Warrant LIabilities
We allocated a proportional value of $1.6 million to the 2013 Warrants using a Black-Scholes option valuation model with the following assumptions:

Risk free interest rate
 
1.38
%
Dividend yield
 
—

Expected life (years)
 
5

Expected volatility
 
76.25
%
2013 Term Loans  
Debt Instrument [Line Items]  
Schedule of Debt Outstanding
The balance of the 2013 Term Loans, net of the original issue discount, was as follows:
(In thousands)
 
June 30, 2016
 
March 31, 2016
2013 Term Loans, at issuance, net
 
$
125,087

 
$
125,087

Payments to date
 
(102,544
)
 
(94,043
)
Discount on 2013 Term Loans
 
(125
)
 
(118
)
2013 Term Loans, net
 
22,418

 
30,926

Less current portion
 
(19,312
)
 
(21,188
)
Total long term portion
 
$
3,106

 
$
9,738
Prospect Loan  
Debt Instrument [Line Items]  
Schedule of Debt Outstanding
The following table summarizes the activity related to the Prospect Loan:

(In thousands)
 
June 30, 2016
 
March 31, 2016
Prospect Loan, at issuance
 
$
70,000

 
$
70,000

PIK Interest
 
4,778

 
4,778

Payments to date
 
(8,788
)
 
(8,235
)
Prospect Loan, net
 
65,990

 
66,543

Less current portion
 
—

 
—

Total long term portion
 
$
65,990

 
$
66,543