Debt

12 Months Ended

Mar. 31, 2021

The Company’s debt consisted of the following:


	As of March 31,
	2021						2020
	Principal Outstanding		Carrying Value		Interest Rate		Principal Outstanding		Carrying Value		Interest Rate
Term Loan	$	73,594	$	73,378	2.25	%	$	75,000	$	74,749	2.25	%
Multi-Draw Facility	75,000		74,797		3.50	%	—		—		4.00	%
Revolver	15,000		15,000		2.25	%	—		—		2.25	%
Total Debt	$	163,594	$	163,175			$	75,000	$	74,749

The Company has a Term Loan Agreement, a Revolving Loan Agreement (together the “Loan Agreements”) and a Multi-Draw Term Loan Agreement with First Republic Bank. The Term Loan Agreement has a maturity date of July 1, 2027, provides for additional uncommitted term advances not to exceed $25,000 in the aggregate until March 24, 2023, and the interest rate is a floating per annum rate equal to the prime rate minus 1.5% subject to a floor of 2.25%. The Revolving Loan Agreement has a $25,000 borrowing capacity, a maturity date of March 24, 2023, and the interest rate is a floating per annum rate equal to the prime rate minus 1.5% subject to a floor of 2.25%. The Multi-Draw Term Loan Agreement (the “Multi-Draw Facility”) provides for a term loan in the aggregate principal amount of $75,000 that may be drawn any time during a period of one year following the closing date. Borrowings accrue interest at a fixed per annum rate of 3.5% and matures on July 1, 2030. The Company fully drew the Multi-Draw Facility in March 2021.

The Loan Agreements and Multi-Draw Facility contain covenants that, among other things, limit HLA’s ability to incur indebtedness, transfer or dispose of assets, merge with other companies, create, incur or allow liens, make investments, make distributions, engage in transactions with affiliates and take certain actions with respect to management fees. They also require HLA to maintain, among other requirements, (i) a specified amount of management fees, (ii) a specified amount of adjusted EBITDA, as defined therein, and (iii) a specified minimum tangible net worth, during the term of each of the Loan Agreements and Multi-Draw Facility. The obligations under the Loan Agreements and Multi-Draw Facility are secured by substantially all of the assets of HLA.

The aggregate minimum principal payments on the Company’s outstanding debt are due as follows:


Fiscal year ending March 31,
2022	$	16,875
2023	1,875
2024	4,688
2025	7,031
2026	18,750
Thereafter	114,375
Total	$	163,594

The fair value of the outstanding balance of the Company’s debt instruments at March 31, 2021 and 2020 approximated par value based on current market rates for similar debt instruments and are classified as Level 2 within the fair value hierarchy.