Note 5 - Revolving Credit Facility

12 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

5

. Revolving Credit Facility 

The Company completed the closing of a 

five

-year revolving credit facility (“Revolver”) on

July 5, 2016.

Maximum borrowings under the Revolver total

$400.0

million from

April

through

July

and

$500.0

million from

August

through

March. 

The Revolver balance as of

March 31, 2019

was

$155.3

million, with a weighted average interest rate of

4.00%

(LIBOR plus a spread) and is included in Long-Term Debt in the accompanying Consolidated Balance Sheet. The Revolver is secured by accounts receivable and inventories with a carrying value of

$585.9

million. The Company had

$11.4

million and

$10.4

million of outstanding standby letters of credit as of

March 

31,

2019

and

2018,

respectively, which reduces borrowing availability under the Revolver. See Note

6,

Long-Term Debt, for additional comments related to the Revolver.