DEBT

Debt as of June 30 and March 31, 2018 consisted of the following (in thousands):



	June 30, 2018			March 31, 2018
8.75% Senior Secured Notes due 2023	$	346,807		$	346,610
4½% Convertible Senior Notes due 2023	108,710			107,397
6¼% Senior Notes due 2022	401,535			401,535
Lombard Debt	195,467			211,087
Macquarie Debt	181,528			185,028
PK Air Debt	225,615			230,000
Airnorth Debt	13,126			13,832
Eastern Airways Debt	11,556			14,519
Other Debt	5,716			3,991
Unamortized debt issuance costs	(26,254		)	(27,465		)
Total debt	1,463,806			1,486,534
Less short-term borrowings and current maturities of long-term debt	(53,723		)	(56,700		)
Total long-term debt	$	1,410,083		$	1,429,834

ABL Facility — On April 17, 2018, two of our subsidiaries entered into a new asset-backed revolving credit facility (the “ABL Facility”), which provides for commitments in an aggregate amount of $75 million, with a portion allocated to each borrower subsidiary, subject to an availability block of $15 million and a borrowing base calculated by reference to eligible accounts receivable. The maximum amount of the ABL Facility may be increased from time to time to a total of as much as $100 million, subject to the satisfaction of certain conditions, and any such increase would be allocated among the borrower subsidiaries. The ABL Facility matures in five years, subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited. As of June 30, 2018, there were no outstanding borrowings under the ABL Facility nor had we made any draws during the three months ended June 30, 2018.

4½% Convertible Senior Notes due 2023 — The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of June 30 and March 31, 2018 is as follows (in thousands):



	June 30, 2018			March 31, 2018

Equity component - net carrying value ⁽¹⁾	$	36,778		$	36,778
Debt component:
Face amount due at maturity	$	143,750		$	143,750
Unamortized discount	(35,040		)	(36,353		)
Debt component - net carrying value	$	108,710		$	107,397

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⁽¹⁾ Net of equity issuance costs of $1.0 million.

The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three months ended June 30, 2018 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for the three months ended June 30, 2018 was as follows (in thousands):



Contractual coupon interest	$	1,611
Amortization of debt discount	1,313
Total interest expense	$	2,924