FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Mar. 31, 2020

Borrowings of the Company and its subsidiaries are summarized below at March 31, 2020 and March 31, 2019, respectively (in thousands):


	March 31, 2020		March 31, 2019		Maturity Date	Interest Rate	Unused commitments
Air T Debt
Revolver - MBT	$	—	$	12,403	8/31/21	Prime - 1%	$	17,000
Term Note A - MBT	7,750		8,750		1/1/28	1-month LIBOR + 2%
Term Note B - MBT	3,875		4,375		1/1/28	4.50%
Term Note D - MBT	1,540		1,607		1/1/28	1-month LIBOR + 2%
Debt - Trust Preferred Securities	12,877		—		6/7/49	8.00%
Supplemental Revolver - MBT	9,550		—		6/30/20	Greater of 1-month LIBOR + 1.25% and 3%	450
Total	35,592		27,135

AirCo Debt
Revolver - MBT	—		3,820		5/21/19	7.50%
Revolver - MBT	8,335		—		8/31/21	Greater of 6.5% or Prime + 2%	1,665
Term Loan - MBT	—		450		12/17/19	7.50%
Term Loan - MBT	—		400		6/17/20	7.25%
Term Loan - Park State	—		2,100		6/17/20	8.50%
Total	8,335		6,770

Contrail Debt
Revolver - ONB	21,284		—		9/5/21¹	1-month LIBOR + 3.45%	18,716
Term Loan A - ONB	6,285		8,617		1/26/21	1-month LIBOR + 3.75%
Term Loan B - ONB	—		15,500		9/14/21	1-month LIBOR + 3.75%
Term Loan D - ONB	—		—		10/30/21	1-month LIBOR + 3.75%
Term Loan E - ONB	6,320		—		12/1/22	1-month LIBOR + 3.75%
Term Loan F - ONB	8,358		—		2/1/25	1-month LIBOR + 3.75%
Total	42,247		24,117

Total Debt	86,174		58,022

Less: Unamortized Debt Issuance Costs	(354)		(369)
Total Debt, net	$	85,820	$	57,653

1 The Contrail revolving credit facility contains a provision where Contrail is required to pay down the total outstanding principal balance of its revolver to zero for at least thirty consecutive days during each annual period ending on the revolver's anniversary. Due to this requirement, the entire outstanding balance of the revolver as of March 31, 2020 was classified as "Current portion of long-term debt" on the Consolidated Balance Sheets, and included in the contractual financing obligations due by fiscal year ended March 31, 2021 below.

Schedule of Maturities of Long-term Debt

At March 31, 2020, our contractual financing obligations, including payments due by period, are as follows (in thousands):


Fiscal year ended	Amount
2021	$	42,684
2022	13,901
2023	4,991
2024	3,267
2025	3,126
Thereafter	18,205
	86,174
Less: Unamortized Debt Issuance Costs	(354)
	$	85,820

Interest Income and Interest Expense Disclosure

The components of net interest expense during the years ended March 31, 2020 and March 31, 2019 are as follows (in thousands):


	March 31, 2020	March 31, 2019
Contractual interest	4,458	3,291
Amortization of deferred financing costs	237	194
Interest income	(3)	(58)
Total	4,692	3,427