6. LONG-TERM DEBT:

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

	December 31, 2013		March 31, 2013
Term loan credit agreement	$	296,250	$	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	14,454		21,368
Other debt and long-term liabilities	12,635		14,137
Total long-term debt and capital leases	323,339		253,505
Less current installments	25,636		16,105
Long-term debt, excluding current installments	$	297,703	$	237,400

On October 9, 2013, the Company refinanced its prior credit agreement. On that day, the Company borrowed $300 million of the new term loan and used the proceeds to pay off the prior $215 million term loan balance in its entirety along with $4.4 million in fees related to the new credit agreement. The remaining proceeds will be used for other general corporate purposes. The amended and restated credit agreement contains customary representations, warranties, affirmative and negative covenants, default, and acceleration provisions.

As of December 31, 2013, the Company’s newly amended and restated credit agreement provided 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.

The 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. The revolving loan commitment expires October 9, 2018.

Term loan and revolving credit facility borrowings bear interest at LIBOR or at an alternative base rate plus a credit spread. At December 31, 2013, the LIBOR credit spread was 2.00%. There were no revolving credit borrowings outstanding at December 31, 2013 or March 31, 2013. The weighted-average interest rate on term loan borrowings at December 31, 2013 was 2.2%. Outstanding letters of credit at December 31, 2013 were $2.2 million.

The term loan allows for prepayments before maturity. The credit agreement is 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 is required to maintain certain debt-to-cash flow and debt service coverage ratios, among other restrictions. At December 31, 2013, the Company was in compliance with these covenants and restrictions. In addition, if certain financial ratios and other conditions are not satisfied, the revolving credit facility limits the Company’s ability to pay dividends in excess of $30 million in any fiscal year (plus additional amounts in certain circumstances).

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 of 3.0% 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 December 31, 2013 was .24%. The swap was entered into as a cash flow hedge against LIBOR interest rate movements on the term loan. On October 9, 2013, the Company voluntarily de-designated this hedging relationship as a result of the full prepayment of the related term loan. The hedge will remain de-designated until its maturity on January 27, 2014. The fair market value of the derivative was zero at inception. At December 31, 2013, the derivative had a fair value loss of $0.1 million which was recorded in other, net in the statement of operations with an offset recorded to other accrued expenses. The Company has assessed the creditworthiness of the counterparty of the derivative and concludes that no substantial risk of default exists as of December 31, 2013.