Note 15: Indebtedness

Long-term debt was comprised of the following:

	Interest rate at March 31, 2013			Fiscal year of maturity		March 31, 2013			March 31, 2012

Various foreign denominated borrowings		3.8	%		2016	$	1.9		$	2.3

Denominated in U.S. dollars:
Fixed rate -
2020 Notes		6.8	%		2021		125.0			125.0
Variable rate -
Revolving credit facility		2.2	%		2015		-			9.0
							126.9			136.3
Capital lease obligations					2014-2029		6.1			6.7
							133.0			143.0
Less: current portion							(0.5	)		(1.1	)
Total long-term debt						$	132.5		$	141.9

During fiscal 2013, the Company entered into the Second Amendment to Amended and Restated Credit Agreement and the Third Amendment to Amended and Restated Credit Agreement with six financial institutions led by JPMorgan Chase Bank, N.A. The agreements amended the Company's existing $145.0 million revolving credit facility, which is due to expire in August 2014. Modine entered into these agreements for purposes of modifying certain provisions of the then-existing credit agreement. Interest is based on a variable interest rate of London Interbank Offered Rate ("LIBOR") plus 150 to 250 basis points depending upon the Company's debt to adjusted EBITDA ratio (leverage ratio) for the then four preceding fiscal quarters. As of March 31, 2013, the Company's variable interest rate was LIBOR plus 200 basis points, or 2.2 percent. At March 31, 2013, no borrowings were outstanding under the revolving credit facility.

During fiscal 2011, the Company entered into the $125.0 million Senior Notes, the proceeds of which were used to repay the Company's then existing Senior Notes. The Company recognized a loss of $17.9 million on early extinguishment of debt as a component of interest expense in fiscal 2011.

Provisions in the Company's Amended and Restated Credit Agreement and Note Purchase Agreement include restrictive covenants. The Company is subject to an adjusted EBITDA to interest expense (interest expense coverage ratio) covenant and a debt to adjusted EBITDA (leverage ratio) covenant. Adjusted EBITDA is defined as earnings from continuing operations before interest expense and provision for income taxes, adjusted to exclude unusual, non-recurring or extraordinary non-cash charges and up to $40.0 million of cash restructuring and repositioning charges, not to exceed $20.0 million in any fiscal year, and further adjusted to add back depreciation and amortization. The Company is required to maintain the interest expense coverage ratio and leverage ratio covenants based on the following:

	Interest Expense Coverage	Leverage Ratio
	Ratio Covenant (Not	Covenant (Not Permitted
	Permitted to Be Less Than)	to Be Greater Than)
Fiscal quarter ending on or before August 12, 2014	3.00 to 1.0	3.25 to 1.0
All fiscal quarters ending thereafter	3.00 to 1.0	3.00 to 1.0

Provisions contained in the Company's revolving credit facility, Senior Note agreements and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. The Company was in compliance with its covenants as of March 31, 2013.

Long-term debt matures as follows:

Years ending March 31

2014	$	0.5
2015		1.7
2016		0.5
2017		8.3
2018		16.3
2019 & beyond		105.7
Total	$	133.0

The Company also maintains credit agreements for its foreign subsidiaries with outstanding short-term borrowings at March 31, 2013 and March 31, 2012 of $30.6 million and $21.3 million, respectively. The Company's foreign unused lines of credit in Europe, Brazil, China and India at March 31, 2013 total $52.0 million. At March 31, 2013, domestic letters of credit totaled $6.0 million and available borrowings under the Company's domestic revolving credit facility were $139.0 million. In aggregate, the Company had total available lines of credit of $191.0 million at March 31, 2013.

The fair value of long-term debt is estimated using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. At March 31, 2013 and March 31, 2012, the carrying value of Modine's long-term debt approximated fair value, with the exception of the Senior Notes, which had a fair value of approximately $139.0 million at each date. The fair value of the Senior Notes is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.