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Debt
6 Months Ended
Sep. 30, 2011
Debt [Abstract] 
Debt
Note 11 - Debt

As of September 30, 2011, the Company's long-term debt under its unsecured revolving credit agreement (the “credit facility”) was $125.6 million.  The Company had no long term debt at March 31, 2011.

On June 30, 2011, the Company amended the credit facility with Comerica Bank and other lenders. Under the amendment, the Company exercised its right to increase the revolving line of credit from $150 million to $200 million. The amendment reduces the amount the Company can increase the revolving line of credit to an additional $100 million (previously $150 million) subject to receiving further commitments from lenders and certain other conditions. The credit facility expires on November 1, 2012.

On July 1, 2011, Compuware borrowed $129.5 million under the credit facility to partially fund the acquisition of dynaTrace (see note 2).

The credit facility contains various covenant requirements, including limitations on liens; indebtedness; mergers, consolidations and acquisitions; asset sales; dividends; investments, loans and advances from the Company; transactions with affiliates; and limits additional borrowing outside of the facility to $250 million. The credit facility is also subject to maximum total debt to EBITDA and minimum fixed charge coverage financial covenants. The Company was in compliance with the covenants under the credit facility at September 30, 2011.

Any borrowings under the credit facility bear interest at the base rate (the greatest of the prime rate, the federal funds effective rate plus one percent, or the daily LIBOR rate plus one percent) or the Eurodollar rate, at the Company's option, plus the applicable margin (which is based on the level of maximum total debt to EBITDA ratio). As of September 30, 2011, interest rates on outstanding borrowings were at a weighted average interest rate of 1.8%. The Company pays a quarterly facility fee on the credit facility based on the applicable margin grid. Interest and fees related to the credit facility were $788,000 during the six months ended September 30, 2011.