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Debt
3 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt

11.

DEBT

Long-term debt as of the periods presented consisted of the following:

 

 

 

June 30,

2020

 

 

March 31,

2020

 

 

 

(In thousands)

 

Term Loan Facility

 

$

646,500

 

 

$

648,250

 

Senior Notes

 

 

350,000

 

 

 

350,000

 

Revolving Credit Facility

 

 

50,000

 

 

 

100,000

 

Equipment financing

 

 

1,254

 

 

 

1,492

 

Total

 

 

1,047,754

 

 

 

1,099,742

 

Unamortized debt issuance costs

 

 

(2,321

)

 

 

(2,419

)

Current maturities

 

 

(7,963

)

 

 

(7,955

)

Long-term debt obligation

 

$

1,037,470

 

 

$

1,089,368

 

Senior Secured Credit Facility

In July 2019, the Company entered into the credit agreement (the “Base Credit Agreement”) by and among the Company, as borrower, Barclays Bank PLC, as administrative agent, the several lenders from time to time party thereto. In September 2019, the Company amended the Base Credit Agreement (as amended the “Senior Secured Credit Facility”). The Senior Secured Credit Facility provides for a term loan facility in an initial aggregate principal amount of $700 million (the “Term Loan Facility”), a revolving credit facility in an initial aggregate principal amount of up to $350 million (the “Revolving Credit Facility”), a letter of credit sub-facility in the initial aggregate available amount of up to $50 million, as a sublimit of such Revolving Credit Facility (the “L/C Facility”) and a swing line sub-facility in the aggregate available amount of up to $50 million, as a sublimit of the Revolving Credit Facility (together with the Term Loan Facility, the Revolving Credit Facility and the L/C Facility, the “Senior Secured Credit Facility”).

During the three months ended June 30, 2020, the Company prepaid $1.8 million of the Term Loan Facility and repaid $50.0 million of the Revolving Credit Facility. Letters of credit outstanding at June 30, 2020 and March 31, 2020 amounts to $11.0 million and $8.5 million, respectively, and reduced the availability of the Revolving Credit Facility.

Senior Notes

On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% senior notes due 2027 (the “Senior Notes”) pursuant to an Indenture, dated September 23, 2019 (the “Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”). The Senior Notes are guaranteed by each of the Company’s present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Company's Senior Secured Credit Facility. The Senior Notes were offered and sold either to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) or to persons outside the United States under Regulation S of the Securities Act.