(8)

DEBT

The components of the Company's debt consisted of the following as of March 31:


	2012			2011
U.S. Revolving Credit Facility, 4.12% and 2.25% weighted variable interest rate at March 31, 2012 and March 31, 2011, respectively, due in 2016	$	60,900		$	54,800
Australian Sub-Facility, 7.16% variable interest rate at March 31, 2011		—			8,482
Term Loan Facility, 3.97% and 2.06% variable interest rate at March 31, 2012 and March 31, 2011, respectively, due in quarterly installments from 2008 to 2016		325,875			20,000
Euro Sub-Facility, 2.92% variable interest rate at March 31, 2011		—			39,688
Capital leases		13,022			3,883
Other subsidiary debt		2,258			478

Total debt		402,055			127,331
Less current portion of debt		(24,471	)		(12,304	)

Total long-term debt	$	377,584		$	115,027

The following is a schedule of future annual principal payments as of March 31, 2012:


	Debt		Capital Leases		Total
Fiscal 2013	$	17,444	$	7,027	$	24,471
Fiscal 2014		21,512		3,628		25,140
Fiscal 2015		33,427		1,884		35,311
Fiscal 2016		37,125		397		37,522
Fiscal 2017		279,525		86		279,611

Total	$	389,033	$	13,022	$	402,055

On February 29, 2008, the Company executed a five year $200,000 credit agreement with a consortium of bank lenders (Credit Facility) with an original expiration date of 2013. The Company completed the first amendment to the Credit Facility in June 2010 and the second amendment in March 2011. In August 2011, the Company executed the third amendment to the Credit Facility. The third amendment increased the aggregate principal amount to $500,000 with an additional $315,000 term loan to be made available to the Company in a single drawing. The amendment extended the expiration date of the Credit Facility from April 2014 to August 2016, updated the financial covenants and increased the interest rate margins over the applicable Eurocurrency or Australian Bank Bill Swap Rate (BBSY) and increased the commitment fee. In October 2011, the Company drew down on the additional term loan in conjunction with the York acquisition. Upon drawing down on the additional term loan, the maximum leverage ratio permitted increased to 4.25 to 1.00 with scheduled step downs and the consolidated interest coverage ratio is not to be less than 4.00 to 1.00. The interest rate margins for loans based on LIBOR and BBSY range from 2.00% to 3.50%. The Credit Facility contains an election to increase the facility by up to an additional $100,000 subject to agreement by one or more lenders to increase its commitment. At March 31, 2012, the aggregate principal amount of $495,875 under the Credit Facility is comprised of the following: (i) a $130,000 revolving Credit Facility that allows the Company to borrow in alternative currencies up to the equivalent of $50,000 (U.S. Revolving Credit Facility); (ii) the Australian dollar equivalent of a $40,000 revolving Credit Facility (Australian Sub-Facility); and (iii) a $325,875 term loan facility (Term Loan Facility) which amortizes quarterly based on an escalating percentage of the initial aggregate value of the Term Loan Facility. Commencing on March 31, 2012, the term loan will amortize quarterly based on the following schedule: (i) March 31, 2012 through December 31, 2013 — amortization of $4,125, (ii) March 31, 2014 through December 31, 2015 — amortization of $8,250 and (iii) March 31, 2016 through June 30, 2016 — amortization of $12,375, with the balance due at maturity. In September 2011, the Company entered into the fourth amendment to the Credit Facility. The amendment excludes certain subsidiaries of York from the requirements to become guarantors under the Credit Facility.

The Company incurred $8,562 of debt issuance costs related to the debt modification which are being deferred and amortized over the life of the amended Credit Facility. In conjunction with the modification to our debt in the third amendment to the Credit Facility, the Company recorded a charge to interest expense of $490 to write-off certain deferred financing fees. The Company recorded $1,474 and $555 in interest expense for the years ending March 31, 2012 and March 31, 2011, respectively, in the consolidated statement of income to amortize deferred financing costs.

The Credit Facility may be used for working capital, capital expenditures and other corporate purposes. Loans under the U.S. Revolving Credit Facility and Term Loan Facility bear interest either at: (i) base rate (as defined in the credit agreement) plus the applicable margin for such loans which range from 1.00% to 2.50%; or (ii) the applicable London interbank offered rate, plus the applicable margin for such loans which ranges from 2.00% to 3.50% based on the Company's leverage ratio at the time of the borrowing. Loans under the Australian Sub-Facility bear interest at the BBSY Rate plus the applicable margin for such loans, which ranges from 2.00% to 3.50% based on the Company's leverage ratio at the time of the borrowing.

Available borrowings under the Credit Facility at March 31, 2012 consisted of $69,100 under the U.S. Revolving Credit Facility and $40,000 under the Australian Sub-Facility. The Company also has various other uncommitted lines of credit available at March 31, 2012 in the amount of $9,424.

The Credit Facility contains customary representations and warranties as well as customary negative and affirmative covenants which require the Company to maintain the following financial covenants at March 31, 2012: (i) a minimum consolidated net worth; (ii) a maximum consolidated leverage ratio of 4.25 to 1.00 and (iii) a minimum consolidated interest charge coverage ratio of 4.00 to 1.00. The Credit Facility contains customary mandatory and optional prepayment provisions, customary events of default, and is secured by the capital stock of certain subsidiaries, intercompany debt and all of the Company's property and assets, but excluding real property. The Company is in compliance with all covenants under the Credit Facility as of March 31, 2012.

Capital Leases

With many of the recent acquisitions, the Company assumed several capital leases related to machinery and equipment.

The present value of the net minimum payments on the capitalized leases as of March 31 is as follows:


	2012			2011
Total minimum lease payments	$	13,606		$	3,972
Less amount representing interest		(584	)		(89	)

Present value of net minimum lease payments		13,022			3,883
Current portion		(7,027	)		(1,864	)

Capitalized lease obligations, less current portion	$	5,995		$	2,019

Included in the consolidated balance sheet as of March 31, 2012 under property, plant and equipment are cost and accumulated depreciation related to capitalized leases of $37,805 and $9,669, respectively. Included in the consolidated balance sheet as of March 31, 2011 under property, plant and equipment are cost and accumulated depreciation related to capitalized leases of $4,727 and $334, respectively. The capitalized leases carry interest rates from 0.4% to 10.00% and mature from 2013 to 2017.