Long-Term Debt

6 Months Ended

Sep. 30, 2025

Our long-term debt consists of the following at the dates indicated:


	September 30, 2025						March 31, 2025
	Face Amount		Unamortized Debt Issuance Costs (1)		Book Value		Face Amount		Unamortized Debt Issuance Costs (1)		Book Value
	(in thousands)
Asset-based revolving credit facility (“ABL Facility”)	$	71,000			$	71,000	$	109,000			$	109,000
Senior secured term loan "B" credit facility (“Term Loan B”)	689,500		$	(15,719)	673,781		693,000		$	(16,479)	676,521
Senior secured notes:
8.125% Notes due 2029 (“2029 Senior Secured Notes”)	900,000		(8,900)		891,100		900,000		(10,219)		889,781
8.375% Notes due 2032 (“2032 Senior Secured Notes”)	1,281,000		(14,999)		1,266,001		1,300,000		(16,416)		1,283,584
Other long-term debt	10,771		(27)		10,744		11,652		(30)		11,622
Total long-term debt	2,952,271		(39,645)		2,912,626		3,013,652		(43,144)		2,970,508
Less: Current maturities	8,880		—		8,880		8,805		—		8,805
Long-term debt	$	2,943,391	$	(39,645)	$	2,903,746	$	3,004,847	$	(43,144)	$	2,961,703

(1) Debt issuance costs related to the ABL Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. The unamortized debt issuance costs for the Term Loan B include a $4.0 million discount.

ABL Facility

Total commitments under the ABL Facility are $475.0 million, which we reduced from $550.0 million effective June 12, 2025. The ABL Facility includes a $200.0 million sub-limit for letters of credit. Availability under the ABL Facility is subject to a borrowing base that is determined by calculating the amount equal to the sum of our eligible cash, outstanding accounts receivable balances with investment and non-investment grade counterparties, certain inventory, including inventory on railcars and unsettled derivative contracts. These amounts are subject to certain percentage and dollar amount caps, as described within the ABL Facility. The borrowing base is calculated monthly pursuant to a borrowing base certificate we deliver to the administrative agent. Availability under the ABL Facility is based on the lower of the current borrowing base and the total commitments, less borrowings and outstanding letters of credit. At September 30, 2025, $71.0 million was outstanding under the ABL Facility, letters of credit outstanding were $53.6 million, and we had a borrowing base of $399.6 million. The ABL Facility is scheduled to mature at the earliest of (a) February 2, 2029 or (b) 91 days prior to the earliest maturity date in respect to any of our indebtedness in an aggregate principal amount of $50.0 million or greater, subject to certain exceptions.

The ABL Facility is secured by a lien on substantially all of our assets, including among other things, a first priority lien on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents and related assets and a second priority lien on all of our other assets.

All borrowings under the ABL Facility bear interest at a secured overnight financing rate (“SOFR”) or the alternative base rate to provide for a 0.25% decrease based on our consolidated net leverage ratio. The applicable margin for alternate base rate loans varies from 1.50% to 2.00% and the applicable margin for SOFR varies from 2.50% to 3.00%. In addition, a commitment fee will be charged and payable quarterly in arrears based on the average daily unused portion of the revolving commitments under the ABL Facility. Such commitment fee will be 0.50% per year, subject to a reduction to 0.375% in the event our fixed charge coverage ratio is greater than or equal to 1.75 to 1.00.

At September 30, 2025, the borrowings under the ABL Facility had a weighted average interest rate of 8.12% calculated as a SOFR rate of 4.14% plus a margin of 3.10% for SOFR borrowings and the prime rate of 7.25% plus a margin of 2.00% on the alternate base borrowings. On September 30, 2025, the interest rate in effect on letters of credit was 2.75%.

The ABL Facility contains various affirmative and negative covenants, including financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, distributions and other restricted payments, investments (including acquisitions) and transactions with affiliates. The ABL Facility contains, as the only financial covenant, a fixed charge coverage ratio that is tested based on the financial statements for the most recently ended

fiscal quarter upon the occurrence and during the continuation of a Cash Dominion Event (as defined in the ABL Facility). At September 30, 2025, no Cash Dominion Event had occurred.

Compliance

At September 30, 2025, we were in compliance with the covenants under the ABL Facility.

Term Loan B

The Term Loan B was issued at 99.25% of par for gross proceeds of $694.8 million. The Term Loan B was issued pursuant to a credit agreement dated February 2, 2024 (“Term Loan Credit Agreement”). The Term Loan B matures on February 2, 2031 and will amortize in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount beginning with the fiscal quarter ended June 30, 2024, with the balance payable on maturity.

The Term Loan B is secured by first priority liens on substantially all of our assets other than our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents and related assets and second priority liens on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents and related assets.

The Term Loan B bears interest at a SOFR-based rate or an alternate base rate, in each case plus an applicable margin. The applicable margins vary depending on our consolidated first lien net leverage ratio (as defined in the Term Loan Credit Agreement). On September 18, 2025, we amended the Term Loan B agreement to reduce the SOFR applicable margin range to 3.50% to 3.25% from 3.75% to 3.50% and to reduce the alternate base applicable margin range to 2.50% to 2.25% from 2.75% to 2.50%.

At September 30, 2025, the borrowings under the Term Loan B had an interest rate of SOFR of 4.16% plus a margin of 3.50%.

The Term Loan Credit Agreement contains various affirmative and negative covenants, including financial reporting requirements and limitations on indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of assets, distributions and other restricted payments, investments (including acquisitions) and transactions with affiliates. The Term Loan Credit Agreement requires that we maintain, on a quarterly basis, beginning with the quarter ended June 30, 2024, a debt service coverage rate (as defined in the Term Loan Credit Agreement) of no less than 1.1 to 1.0. At September 30, 2025, our debt service coverage rate was approximately 2.26 to 1.0.

The Term Loan Credit Agreement contains other customary terms, events of default and covenants.

Compliance

At September 30, 2025, we were in compliance with the covenants under Term Loan B.

Senior Secured Notes

The 2029 Senior Secured Notes bear interest at 8.125% and the 2032 Senior Secured Notes bear interest at 8.375%. Interest on the 2029 Senior Secured Notes and 2032 Senior Secured Notes is payable on February 15, May 15, August 15 and November 15 of each year, which started on May 15, 2024. The 2029 Senior Secured Notes mature on February 15, 2029 and the 2032 Senior Secured Notes mature on February 15, 2032. The 2029 Senior Secured Notes and 2032 Senior Secured Notes were issued pursuant to an indenture dated February 2, 2024 (“Indenture”).

The 2029 Senior Secured Notes and 2032 Senior Secured Notes are secured by first priority liens on substantially all of our assets other than our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents and related assets and second priority liens on our accounts receivable, inventory, pledged deposit accounts, cash and cash equivalents and related assets.

The Indenture contains covenants that, among other things, limit our ability to: pay distributions or make other restricted payments or repurchase stock; incur or guarantee additional indebtedness or issue disqualified stock or certain preferred stock; make certain investments; create or incur liens; sell assets; enter into restrictions affecting the ability of restricted subsidiaries to make distributions, make loans or advances or transfer assets to the guarantors (including the Partnership); enter into certain transactions with our affiliates; designate restricted subsidiaries as unrestricted subsidiaries; and

consolidate, merge or transfer or sell all or substantially all of our assets. These covenants are subject to a number of important exceptions and qualifications.

The Indenture contains other customary terms, events of default and covenants.

We have the option to redeem all or part of the 2029 Senior Secured Notes, at any time on or after February 15, 2026, at the redemption prices specified in the Indenture. We have the option to redeem all or part of the 2032 Senior Secured Notes, at any time on or after February 15, 2027, at the redemption prices specified in the Indenture.

Senior Secured Notes Repurchases

The following table summarizes repurchases of Senior Secured Notes for the six months ended September 30, 2025 (in thousands):




2032 Senior Secured Notes
Notes repurchased (1)	$	19,000
Cash paid (excluding payments of accrued interest)	$	17,274
Gain on early extinguishment of debt (2)	$	1,492

(1) We did not repurchase any notes during the three months ended September 30, 2025.

(2) Gain on early extinguishment of debt for the 2032 Senior Secured Notes during the six months ended September 30, 2025 is inclusive of the write off of debt issuance costs of $0.2 million. The gain is reported within gain on early extinguishment of liabilities, net within our unaudited condensed consolidated statement of operations.

Compliance

At September 30, 2025, we were in compliance with the covenants under the Indenture.

Other Long-Term Debt

On June 24, 2024, we entered into an equipment loan for $6.4 million with American Bank and Trust Company which bears interest at a rate of 8.50% and is secured by an airplane. On September 24, 2024, we refinanced the loan and lowered the interest rate to 8.00%. We have an aggregate principal balance of $5.3 million at September 30, 2025. This loan matures on June 24, 2030.

On October 1, 2024, we entered into a second equipment loan for $6.4 million with American Bank and Trust Company which bears interest at a rate of 8.00% and is secured by an airplane. We have an aggregate principal balance of $5.5 million at September 30, 2025. This loan matures on September 24, 2030.

Debt Maturity Schedule

The scheduled maturities of our long-term debt are as follows at September 30, 2025:


Year Ending March 31,	ABL Facility		Term Loan B		Senior Secured Notes		Other Long-Term Debt		Total
	(in thousands)
2026 (six months)	$	—	$	3,500	$	—	$	924	$	4,424
2027	—		7,000		—		1,957		8,957
2028	—		7,000		—		2,120		9,120
2029	71,000		7,000		900,000		2,300		980,300
2030	—		7,000		—		2,494		9,494
2031	—		658,000		—		976		658,976
Thereafter	—		—		1,281,000		—		1,281,000
Total	$	71,000	$	689,500	$	2,181,000	$	10,771	$	2,952,271

Amortization of Debt Issuance Costs

Amortization expense for debt issuance costs related to long-term debt was $2.0 million and $1.9 million during the three months ended September 30, 2025 and 2024, respectively, and $4.0 million and $3.8 million during the six months ended September 30, 2025 and 2024, respectively.

The following table summarizes expected amortization of debt issuance costs at September 30, 2025 (in thousands):


Year Ending March 31,
2026 (six months)	$	4,003
2027	7,938
2028	7,938
2029	7,601
2030	5,299
2031	4,814
Thereafter	2,052
Total	$	39,645