DEBT

Debt as of December 31 and March 31, 2014 consisted of the following (in thousands):



	December 31, 2014			March 31, 2014
6¼% Senior Notes due 2022	$	401,535		$	450,000
Term Loan	223,288			226,604
3% Convertible Senior Notes due 2038, including $2.0 million and $5.1 million of unamortized discount, respectively	113,025			109,904
Revolving Credit Facility	58,500			24,000
Eastern Airways debt	21,840			29,911
Other	—			883
Total debt	818,188			841,302
Less short-term borrowings and current maturities of long-term debt	(14,277		)	(14,207		)
Total long-term debt	$	803,911		$	827,095

6 ¼% Senior Notes due 2022 — During the three and nine months ended December 31, 2014, we repurchased $17.2 million and $48.5 million principal amount of the 6 ¼% Senior Notes in the open market at 103.75% to 104.25% and at 103.75% to 107.75%, plus accrued interest, for a total of $18.3 million and $52.0 million, respectively. In connection with these repurchases, during the three and nine months ended December 31, 2014, we incurred $0.7 million and $2.6 million in premium and fees which is included in other income (expense), net on our condensed consolidated statements of income, and wrote-off $0.2 million and $0.7 million of unamortized deferred financing fees, which is included in interest expense, net on our condensed consolidated statements of income, respectively.

3% Convertible Senior Notes due 2038 —The balances of the debt and equity components of the 3% Convertible Senior Notes due 2038 (the “3% Convertible Senior Notes”) as of December 31 and March 31, 2014 are as follows (in thousands):



	December 31, 2014			March 31, 2014
Equity component – net carrying value	$	14,905		$	14,905
Debt component:
Face amount due at maturity	$	115,000		$	115,000
Unamortized discount	(1,975		)	(5,096		)
Debt component – net carrying value	$	113,025		$	109,904

The remaining debt discount is being amortized into interest expense over the period to the earliest put date of June 2015 for the 3% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and nine months ended December 31, 2014 and 2013 was 6.9%. Interest expense related to our 3% Convertible Senior Notes for the three and nine months ended December 31, 2014 and 2013 was as follows (in thousands):



	Three Months Ended December 31,				Nine Months Ended December 31,
	2014		2013		2014		2013
Contractual coupon interest	$	862	$	862	$	2,588	$	2,588
Amortization of debt discount	1,054		985		3,121		2,695
Total interest expense	$	1,916	$	1,847	$	5,709	$	5,283

Term Loan and Revolving Credit Facility — During the nine months ended December 31, 2014, we had borrowings of $346.5 million and made payments of $312.0 million under the Revolving Credit Facility. Additionally, we paid $3.4 million to reduce our borrowings under the Term Loan. As of December 31, 2014, we had $0.5 million in letters of credit outstanding under the Revolving Credit Facility.