Debt

3 Months Ended

Jun. 30, 2020

The Company’s outstanding debt as of June 30, 2020, March 31, 2020 and June 30, 2019 consisted of the following (in thousands):



	June 30, 2020			March 31, 2020			June 30, 2019
Term loan⁽¹⁾	$	133,505		$	135,853		$	142,883
Finance lease obligations	2,812			3,012			3,593
Total debt⁽²⁾	136,317			138,865			146,476
Less: debt issuance costs	(429		)	(209		)	(284		)
Total debt, net of issuance costs	135,888			138,656			146,192
Less: current portion	(13,187		)	(12,568		)	(10,681		)
Long-term portion of debt	$	122,701		$	126,088		$	135,511

⁽¹⁾ See Note 10, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement (as defined below under the heading “Description of indebtedness”). As of June 30, 2020, the Company was in compliance with all applicable financial covenants.

⁽²⁾ The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.

April 2020 Credit Agreement Amendment

On April 8, 2020, the Company entered into a Third Amendment to Credit Agreement (the "Amendment"), amending its Senior Secured Credit Agreement (the "Credit Agreement") to modify the Company’s quarterly maintenance covenants, and to add interest rates with respect to borrowings associated with the added increased maximum permitted total net leverage ratios.

Pursuant to the Amendment, borrowings under both the Revolving Credit Facility and the Term Loan Facility bear interest, at the Company's option, at either a rate per annum equal to (i) a rate per annum equal to an adjusted LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for the applicable interest period (subject to a minimum floor of 0%) plus an applicable margin ranging from 1.50% to 3.25% based on our consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.50% to 2.25% based on our consolidated total net leverage ratio. The interest rate as of June 30, 2020 for the Term Loan was approximately 2.1%.

All amounts under the Revolving Credit Facility are available for draw until the maturity date on August 25, 2022. The Revolving Credit Facility is collateralized by substantially all of our assets and requires payment of an unused fee ranging from 0.35% to 0.25% (based on our consolidated total net leverage ratio) times the average daily amount of unutilized commitments under the Revolving Credit Facility. The Revolving Credit Facility also provides for sub-facilities in the form of a

$7.0 million letter of credit and a $5.0 million swing line loan; however, all amounts under the Revolving Credit Facility cannot exceed $50.0 million. The unused balance of the Revolving Credit Facility as of June 30, 2020 was $49.8 million.