Note 13—Indebtedness

Total borrowings outstanding are summarized as follows:


	As of		As of
	March 31, 2017		June 30, 2016
Term Loans, due September 2020
Dollar Tranche A Term Loan	$	92,398	$	94,851
Dollar Tranche B Term Loan		249,286		255,909
Dollar Tranche C Term Loan		102,504		105,223
Sterling Term Loan		107,165		118,379
Euro Term Loan		138,455		146,744

Term Loan, due October 2023
Dollar Tranche D Term Loan		215,322		—

Less: discount and issuance costs		(14,728)		(12,868)
Total Term Loans, net of discount and issuance costs		890,402		708,238

Notes Payable, due August 2021, net of discount and issuance costs		—		196,743

Other borrowings:
Borrowings under Credit Agreement		17,000		—
Foreign debt		1,203		2,137
Capital leases		59		705

Total borrowings outstanding		908,664		907,823

Less: short-term foreign borrowings and current portion of long-term debt, net of discount and issuance costs		(25,652)		(7,307)

Long-term debt, less current portion	$	883,012	$	900,516

On October 14, 2016, certain wholly owned subsidiaries of the Company entered into that certain Fifth Amendment to the Credit Agreement and Third Incremental Joinder by and among Multi Packaging Solutions Limited, MPS/CSK Holdings, Inc., Multi Packaging Solutions, Inc., certain other wholly owned subsidiaries of MPS, the lenders party thereto and Barclays Bank PLC in its capacities as administrative agent and collateral agent (the “Fifth Amendment”). The Fifth Amendment includes a new $220,000 U.S. Dollar tranche D term loan maturing in October 2023 (the “Incremental Term Loan”). The interest rate margin applicable to the Incremental Term Loan is 3.25% above LIBOR, subject to a 1.00% LIBOR floor. The proceeds of the Incremental Term Loan were used, in part, to redeem the outstanding $200,000 in aggregate principal amount of 8.500% Senior Notes due 2021 (the “Notes”) on October 17, 2016 at a redemption price equal to 106.375% of the outstanding principal amount of the Notes plus accrued and unpaid interest. Funds in an amount sufficient to fully pay the redemption price were deposited with the trustee for the Notes on October 14, 2016, and the Notes and related indenture were fully satisfied and discharged as of October 14, 2016. The Fifth Amendment also lowered the interest rate margin on the existing Euro tranche B term loan to 3.25% above EURIBOR and the interest rate margin on the existing British Pound Sterling tranche B term loan to 4.00% above LIBOR, in each case subject to a 1.00% EURIBOR/LIBOR floor. The maturity of each of the existing Euro tranche B term loan and British Pound Sterling tranche B term loan remains September 2020. Finally, the Fifth Amendment increased the size of Multi Packaging Solutions, Inc.’s U.S. Dollar Revolving Credit Facility to $70,000. There were no changes to the Multi Currency Revolving Credit Facility which remained at £50,000. As a result of these transactions, the Company recorded charges totaling $16,569 in the three months ended December 31, 2016. The charge represents the premium paid and the write-off of discount and issue costs upon the redemption of the Notes, and to a lesser extent, certain fees associated with the transactions. There was $17,000 of outstanding borrowings under the U.S. Dollar Revolving Credit Facility as of March 31, 2017, which was used to fund the acquisition of PAL (see note 19). No amounts were outstanding under the credit facilities as of June 30, 2016.

As of March 31, 2017 and June 30, 2016, the Company was in compliance with all associated covenants. The carrying amount of the Company’s borrowings approximate their fair value.