6. LONG-TERM DEBT:

Long-term debt consists of the following (dollars in thousands):

	September 30, 2013		March 31, 2013
Term loan credit agreement	$	215,000	$	218,000
Capital leases and installment payment obligations on land, buildings and equipment payable in monthly payments of principal plus interest at rates ranging from approximately 3% to 8%; remaining terms up to nine years	16,130		21,368
Other debt and long-term liabilities	13,143		14,137
Total long-term debt and capital leases	244,273		253,505
Less current installments	13,560		16,105
Long-term debt, excluding current installments	$	230,713	$	237,400

As of September 30, 2013, the Company’s amended and restated credit agreement provided for (1) term loans up to an aggregate principal amount of $600 million and (2) revolving credit facility borrowings consisting of revolving loans, letter of credit participations and swing-line loans up to an aggregate amount of $120 million.

The term loan was payable in quarterly installments of approximately $1.5 million each, through December 31, 2014, with a final payment of approximately $207.5 million due March 15, 2015. The revolving loan commitment expired March 15, 2014.

Revolving credit facility borrowings bore interest at LIBOR plus a credit spread, or at an alternative base rate or at the Federal Funds rate plus a credit spread, depending on the type of borrowing. The LIBOR credit spread was 2.75%. There were no revolving credit borrowings outstanding at September 30, 2013 or March 31, 2013. Term loan borrowings bore interest at LIBOR plus a credit spread of 3.00% or at an alternative base rate. The weighted-average interest rate on term loan borrowings at September 30, 2013 was 4.1%. Outstanding letters of credit at September 30, 2013 were $2.2 million.

The term loan allowed prepayments before maturity. The credit agreement was secured by the accounts receivable of Acxiom and its domestic subsidiaries, as well as by the outstanding stock of certain Acxiom subsidiaries.

Under the terms of the term loan, the Company was required to maintain certain debt-to-cash flow and debt service coverage ratios, among other restrictions. At September 30, 2013, the Company was in compliance with these covenants and restrictions. In addition, if certain financial ratios and other conditions were not satisfied, the revolving credit facility limited the Company’s ability to pay dividends in excess of $30 million in any fiscal year (plus additional amounts in certain circumstances).

On October 9, 2013, subsequent to the end of the most recent fiscal quarter, the Company refinanced its existing credit agreement. The amended and restated credit agreement provides for (1) term loans up to an aggregate principal amount of $300 million and (2) revolving credit facility borrowings consisting of revolving loans, letter of credit participations and swing-line loans up to an aggregate amount of $300 million. On that day, the Company borrowed $300 million of this term loan and used the proceeds to pay off the existing $215 million term loan balance in its entirety. The remaining proceeds will be used for other general corporate purposes including the costs related to refinancing the credit agreement. The amended and restated credit agreement contains customary representations, warranties, affirmative and negative covenants (including without limitation, requirements to maintain certain leverage and fixed charge coverage ratios), default and acceleration provisions.

The new term loan agreement is payable in quarterly installments of $3.8 million through September 2014, followed by quarterly installments of $7.5 million through September 2017, followed by quarterly installments of $11.3 million through June 2018, with a final payment of $161.3 million due October 9, 2018.

On July 25, 2011, the Company entered into an interest rate swap agreement. The agreement provides for the Company to pay interest through January 27, 2014 at a fixed rate of 0.94% plus the applicable credit spread on $150.0 million notional amount, while receiving interest for the same period at the LIBOR rate on the same notional amount. The LIBOR rate as of September 30, 2013 was .25%. The swap was entered into as a cash flow hedge against LIBOR interest rate movements on the term loan. As of September 30, 2013, the hedge relationship qualified as an effective hedge under applicable accounting standards. Consequently, all changes in fair value of the derivative are deferred and recorded in other comprehensive income (loss) until the related forecasted transaction is recognized in the consolidated statement of operations. The fair market value of the derivative was zero at inception and an unrealized loss of $0.3 million since inception is recorded in other comprehensive income (loss) with the offset recorded to other accrued expenses. The fair value of the interest rate swap agreement recorded in accumulated other comprehensive income (loss) will be recognized in the statement of operations in the third and fourth quarters of fiscal 2014 since the previous term loan has been extinguished. The Company has assessed the creditworthiness of the counterparty of the swap and concludes that no substantial risk of default exists as of September 30, 2013.