DEBT (Tables)

12 Months Ended

Mar. 31, 2019

Debt as of March 31, 2019 and 2018 consisted of the following (in thousands):



	March 31,
	2019			2018
8.75% Senior Secured Notes	$	347,400		$	346,610
4½% Convertible Senior Notes	112,944			107,397
6¼% Senior Notes	401,535			401,535
Lombard Debt	183,450			211,087
Macquarie Debt	171,028			185,028
PK Air Debt	212,041			230,000
Airnorth Debt	11,058			13,832
Eastern Airways Debt	—			14,519
Other Debt	9,168			3,991
Unamortized debt issuance costs	(21,771		)	(27,465		)
Total debt	1,426,853			1,486,534
Less short-term borrowings and current maturities of long-term debt	(1,418,630		)	(1,475,438		)
Total long-term debt	$	8,223		$	11,096

Schedule of convertible debt

The balances of the debt and equity components of the 4½% Convertible Senior Notes as of March 31, 2019 are as follows (in thousands):



	March 31,
	2019			2018
Equity component - net carrying value ⁽¹⁾	$	36,778		$	36,778
Debt component:
Face amount due at maturity	$	143,750		$	143,750
Unamortized discount	(30,806		)	(36,353		)
Debt component - net carrying value	$	112,944		$	107,397

_____________

⁽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 fiscal year 2019 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for fiscal year 2019 was as follows (in thousands):



	March 31,
	2019		2018
Contractual coupon interest	$	6,475	$	1,851
Amortization of debt discount	5,547		1,454
Total interest expense	$	12,022	$	3,305

Schedule of maturities of long-term debt

Aggregate annual maturities (which excludes unamortized discount of $33.4 million and unamortized debt issuance costs of $21.8 million) for all debt for the next five fiscal years and thereafter are as follows (in thousands) and does not reflect the impact of Chapter 11 Cases or the characterization of debt as current:



Fiscal year ending March 31
2020	$	52,756
2021	53,954
2022	180,270
2023	789,805
2024	405,245
Thereafter	—
	$	1,482,030