Debt

A summary of debt is as follows (amounts in thousands):



	December 31, 2016		March 31, 2016
10.5% Senior Notes, net (1)	$	352,345	$	353,952
Revolving line of credit	33,881		33,881
Total debt	386,226		387,833
Current maturities	—		(2,000		)
Total long-term debt	$	386,226	$	385,833

(1) As noted in Note 1, “Basis of Financial Statements Presentation,” ASU No. 2015-03, Interest - Imputation of Interest, was adopted as of April 1, 2016. As such, debt issuance cost, if any, is included within the respective debt balance. Amounts shown are net of premium and debt issuance costs of $0.7 million and $1.0 million as of December 31, 2016 and March 31, 2016, respectively which reduce the 10.5% Senior Notes balance.

The line item “Interest expense” on the Condensed Consolidated Statements of Operations for the quarters and nine-month periods ended December 31, 2016 and 2015, consists of the following (amounts in thousands):



	Quarters Ended December 31,						Nine-Month Periods Ended December 31,
	2016			2015			2016			2015
Contractual interest expense	$	9,693		$	9,761		$	29,091		$	29,332
Capitalized interest	(48		)	(163		)	(151		)	(439		)
Amortization of debt issuance costs	348			348			1,044			1,044
Amortization of debt (premium) discount	(204		)	(188		)	(603		)	(554		)
Imputed interest on acquisition-related obligations	39			52			120			159
Interest expense on capital lease	90			42			250			134
Total interest expense	$	9,918		$	9,852		$	29,751		$	29,676

Revolving Line of Credit

On May 2, 2016, the Loan and Security Agreement dated September 30, 2010, as amended, by and among KEMET Electronics Corporation (“KEC”), KEMET Electronics Marketing (S) Pte. Ltd., KEMET Foil Manufacturing, LLC (“KEMET Foil”), KEMET Blue Powder Corporation (“KEMET Blue Powder”), The Forest Electric Company and the financial institutions party thereto (the “Loan and Security Agreement”), was amended and, as a result, the revolving credit facility increased to $65.0 million. The Company had the following activity for the nine-month period ended December 31, 2016 and resulting balances under the revolving line of credit (amounts in thousands, excluding percentages):



	March 31, 2016		Nine-Month Period Ended December 31, 2016				December 31, 2016
	Outstanding Borrowings		Additional Borrowings		Repayments		Outstanding Borrowings		Rate (1) (2)		Due Date
U.S. Facility	$	19,881	$	—	$	—	$	19,881	5.000	%	December 19, 2019
Singapore Facility
Singapore Borrowing 1 (3)	12,000		—		—		12,000		3.500	%	February 21, 2017
Singapore Borrowing 2 (3)(4)	2,000		—		—		2,000		3.375	%	January 9, 2017
Total Facilities	$	33,881	$	—	$	—	$	33,881

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(1) For U.S. borrowings, Base Rate plus 1.50%, as defined in the Loan and Security Agreement.

(2) For Singapore borrowings, London Interbank Offer Rate (“LIBOR”), plus a spread of 2.50% as of December 31, 2016.

(3) The Company has the intent and ability to extend the due date on the Singapore borrowings.

(4) In January 2017, the Company extended the due date to April 10, 2017 at 3.625%.

As of December 31, 2016, these were the only borrowings under the revolving line of credit, and the Company’s available borrowing capacity under the Loan and Security Agreement was $31.1 million.

10.5% Senior Notes

On May 10, 2016, the Company repurchased and retired $2.0 million of its 10.5% Senior Notes due May 1, 2018 (the “10.5% Senior Notes”). As of December 31, 2016 and March 31, 2016, the Company had outstanding $353.0 million and $355.0 million, respectively in aggregate principal amount of the Company’s 10.5% Senior Notes. The Company had interest payable related to the 10.5% Senior Notes included in the line item “Accrued expenses” on its Condensed Consolidated balance sheets of $6.2 million and $15.5 million as of December 31, 2016 and March 31, 2016, respectively.