Long-Term Borrowings

9 Months Ended

Dec. 31, 2011

(4) Long-Term Borrowings

Long-term borrowings at December 31, 2011 and March 31, 2011 consisted of:


	December 31,			March 31,
	2011			2011
	(In millions)
Senior unsecured notes due 2018 (net of $1.1 million and $1.3 million of unamortized discount at December 31, 2011 and March 31, 2011, respectively)	$	298.9		$	298.7
Capital leases and other obligations		47.6			56.2

Total		346.5			354.9
Less current maturities of capital leases and other obligations (included in accrued liabilities)		(21.1	)		(19.3	)

Long-term borrowings	$	325.4		$	335.6

In November 2010, we entered into a credit agreement with certain institutional lenders providing for an unsecured revolving credit facility in an amount up to $400.0 million which is scheduled to expire on November 30, 2014 (the Credit Facility). Subject to certain conditions, at any time prior to maturity, we may invite existing and new lenders to increase the size of the Credit Facility up to a maximum of $600.0 million. The Credit Facility includes provisions for swing line loans of up to $25.0 million and standby letters of credit of up to $50.0 million. Revolving loans under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (i) the base rate (as defined) plus a margin based on the credit ratings of BMC’s senior unsecured notes due 2018 (the Senior Notes), or (ii) the LIBOR rate (as defined) plus a margin based on the credit ratings of BMC’s Senior Notes, for interest periods of one, two, three or six months. As of December 31, 2011 and through February 1, 2012, we have not borrowed any funds under the Credit Facility.

At December 31, 2011, we were in compliance with all debt covenants.