Long-Term Borrowings

12 Months Ended

Mar. 31, 2012

Long-Term Borrowings [Abstract]

Long-Term Borrowings

(6) Long-Term Borrowings

Long-term borrowings at March 31, 2012 and 2011 consisted of:

	March 31,
	2012			2011
	(In millions)
Senior unsecured notes due 2018 (net of $1.1 million and $1.3 million of unamortized discount at March 31, 2012 and 2011, respectively)	$	298.9		$	298.7
Senior unsecured notes due 2022 (net of $2.6 million of unamortized discount at March 31, 2012 )		497.4			—
Capital leases and other obligations		46.3			56.2
Total		842.6			354.9
Less current maturities of capital leases and other obligations (included in accrued liabilities)		(21.0	)		(19.3	)
Long-term borrowings	$	821.6		$	335.6

In February 2012, we issued $500.0 million of senior unsecured notes due 2022. Net proceeds to us after original issuance discount and issuance costs amounted to $493.3 million. These senior notes were issued at an original issuance discount of $2.7 million. These senior notes bear interest at a rate of 4.25% per annum, payable semi-annually in February and August of each year. These senior notes are redeemable at our option at any time in whole or, from time to time, in part at a redemption price equal to the greater of: (i) 100% of the principal amount of these senior notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest discounted at the applicable United States Treasury rate plus 35 basis points, plus accrued and unpaid interest. These senior notes are subject to the provisions of an indenture which includes covenants limiting, among other things, the creation of liens securing indebtedness and sale-leaseback transactions.

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 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 March 31, 2012 and through May 10, 2012, we have not borrowed any funds under the Credit Facility.

In June 2008, we issued $300.0 million of senior unsecured notes due 2018. Net proceeds to us after original issuance discount and issuance costs amounted to $295.6 million. These senior notes were issued at an original issuance discount of $1.8 million. These senior notes bear interest at a rate of 7.25% per annum, payable semi-annually in June and December of each year. These senior notes are redeemable at our option at any time in whole or, from time to time, in part at a redemption price equal to the greater of: (i) 100% of the principal amount of these senior notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest discounted at the applicable United States Treasury rate plus 50 basis points, plus accrued and unpaid interest. These senior notes are subject to the provisions of an indenture which includes covenants limiting, among other things, the creation of liens securing indebtedness and sale-leaseback transactions.

At March 31, 2012, we were in compliance with all debt covenants.