10.LONG-TERM DEBT:

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


	March 31,		March 31,
	2017		2016
Term loan credit agreement	$	155,000	$	185,000
Revolving credit borrowings		70,000		—
Other debt and long-term liabilities		5,612		7,856
Total long-term debt		230,612		192,856
Less current installments		39,819		32,243
Less deferred debt financing costs		1,552		2,716
Long-term debt, excluding current installments and deferred debt financing costs	$	189,241	$	157,897

The Company’s 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.

The term loan is payable in 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 $106.3 million due October 9, 2018. The revolving loan commitment expires October 9, 2018.

In November 2016, the Company borrowed $70.0 million on its revolving credit facility and used the proceeds for the Arbor and Circulate acquisitions (see Note 3 - Acquisitions). The revolving credit borrowings are payable and due 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 March 31, 2017, the LIBOR credit spread was 2.00%. The weighted-average interest rate on term loan borrowings at March 31, 2017 was 2.98%. The weighted-average interest rate on revolving credit borrowings at March 31, 2017 was 3.0%. There were no material outstanding letters of credit at March 31, 2017.

The term loan and revolving credit borrowings allow 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 March 31, 2017, 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 31, 2015, in conjunction with the ITO disposition, the Company used $55.0 million of proceeds to repay outstanding Company indebtedness as required by the Company’s existing credit agreement. The Company allocated interest expense associated with the $55.0 million repayment of Company indebtedness to the ITO discontinued operating business. Allocated interest expense was $0.4 million and $1.3 million for the fiscal years ended March 31, 2016 and 2015, respectively.

The Company’s future obligations, excluding interest, under its long-term debt at March 31, 2017 are as follows (dollars in thousands):


Year ending March 31,
2018	$	39,819
2019		189,083
2020		1,362
2021		348
	$	230,612