Subsequent Events (Notes)

9 Months Ended

Dec. 31, 2016

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

Facility Mortgage Agreement

On January 9, 2017, ESI Leasing, LLC (“ESI Leasing”), a wholly owned subsidiary of the Company, entered into a loan agreement (the “Loan Agreement”) with First Technology Federal Credit Union (the “Lender”). The Loan Agreement provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (the “Loan”). The interest rate of the Loan is fixed at 4.75% per annum, except that it may be increased if certain covenants under the Loan Agreement are not satisfied and after and during the continuation of an “Event of Default” as defined in the Loan Agreement. The Loan amortizes over a period of approximately 20 years, but the maturity date of the loan is January 1, 2027, meaning that, if ESI Leasing does not prepay or refinance the Loan, a significant portion of the principal of the Loan will become due on January 1, 2027. ESI Leasing will pay monthly principal and interest payments on the Loan totaling annual amounts of $1.1 million.

Loan and Security Agreement with Silicon Valley Bank

In the fourth quarter of 2017, the Company amended and extended by one year this credit agreement. As amended, the credit agreement allows for a greater level of EBITDA losses over the next 12 months, but reduces the level of permitted acquisitions and purchases of capital equipment.