Debt

6 Months Ended

Sep. 30, 2020

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


	September 30, 2020		March 31, 2020		September 30, 2019

Term loan(1)	$	130,537	$	135,853	$	140,543
Finance lease obligations	2,611		3,012		3,402
Total debt(2)	133,148		138,865		143,945
Less: debt issuance costs	(352)		(209)		(258)
Total debt, net of issuance costs	132,796		138,656		143,687
Less: current portion	(14,219)		(12,568)		(11,310)
Long-term portion of debt	$	118,577	$	126,088	$	132,377

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

(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 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 $50.0 million revolving line of credit (the “Revolving Credit Facility”) and the $165.0 million term loan (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 the Company's consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.50% to 2.25% based on the Company's consolidated total net leverage ratio. The interest rate as of September 30, 2020 for the Term Loan Facility was approximately 1.7%.

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 the Company's assets and requires payment of an unused fee ranging from 0.35% to 0.25% (based on the Company's 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 September 30, 2020 was $49.8 million.