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Long-Term Debt
3 Months Ended
Jun. 30, 2020
Long-Term Debt [Abstract]  
Long-Term Debt

11.  Long-Term Debt

Our long-term indebtedness is comprised of a senior secured term loan facility (the “Term Loan Facility”), a revolving credit facility (the “Revolving Facility”; together with the Term Loan Facility, the “Senior Credit Facilities”), and 5.75% senior notes due 2025 (the “Senior Notes”).

Long-term debt as of June 30, 2020 and March 31, 2020, consisted of the following:





 

 

 

 

 

 



 

June 30, 2020

 

March 31, 2020

Senior Credit Facilities

 

 

 

 

 

 

$5,100,000 Term Loan Facility, due March 1, 2024, net of unamortized discount of $118,397 and $125,793 at June 30, 2020 and March 31, 2020, respectively (effective interest rate of 4.42% and 4.42%, respectively)

 

$

3,689,853 

 

$

3,682,457 

$785,000 Revolving Facility, expiring July 3, 2024, and bearing interest at a variable interest rate (1)

 

 

 —

 

 

250,000 

Senior Notes

 

 

 

 

 

 

$1,325,000 5.75% Senior Notes due March 1, 2025, net of unamortized discount of $8,072 and $2,228 at June 30, 2020 and March 31, 2020, respectively (effective interest rate of 5.90% and 5.80%, respectively)

 

 

1,316,928 

 

 

997,772 

Tangible Equity Unit Senior Amortizing Note

 

 

 

 

 

 

$47,367 Senior Amortizing Notes due June 30, 2022, net of unamortized discount of $451 and $842 at June 30, 2020 and March 31, 2020, respectively (effective interest rate of 7.44% and 7.44%, respectively)

 

 

32,008 

 

 

35,431 

Other

 

 

18,065 

 

 

23,413 

Less current portion

 

 

(28,986)

 

 

(278,779)

Long-term debt

 

$

5,027,868 

 

$

4,710,294 

(1)

The weighted average interest rate at March 31, 2020 was 3.25%.  



Senior Credit Facilities

In June 2020, we repaid our outstanding Revolving Facility balance of $250,000.  The Revolving Facility has a total borrowing capacity of $785,000 less outstanding letters of credit which totaled $5,016 and $5,118 at June 30, 2020 and March 31, 2020, respectively, leaving $779,984 and $529,882 available for borrowing, respectively.

Senior Notes Issuance

On April 21, 2020, we issued an additional $325,000 aggregate principal amount of 5.75% Senior Notes due 2025 (the “Notes”) and incurred issuance costs of $5,364. The Notes were issued as part of the same series as the $1,000,000 Senior Notes issued in February 2017.