Debt Arrangements

6 Months Ended

Sep. 30, 2019

The following summarizes debt and notes payable:


							September 30, 2019
	Outstanding						Lines and
	March 31,		September 30,		Letters		Interest
(in thousands)	2019		2019		Available		Rate
Senior secured credit facility:
ABL facility ⁽¹⁾	$	—	$	—	$	60,000	—	%	(2)
Senior notes:
8.5% senior secured first lien notes due 2021 ⁽³⁾	270,883		271,870		—		8.5	%
9.875% senior secured second lien notes due 2021 ⁽⁴⁾	627,147		628,918		—		9.9	%
Other long-term debt	688		600		—		5.2	%	(2)
Notes payable to banks ⁽⁵⁾	428,961		582,379		237,226		7.0	%	(2)
Total debt	$	1,327,679	$	1,483,767	$	297,226
Short-term	$	428,961	$	582,389
Long-term:
Current portion of long-term debt	$	332	$	319
Long-term debt	898,386		901,059
	$	898,718	$	901,378
Letters of credit	$	5,399	$	6,771	7,141
Total credit available					$	304,367

(1) As of September 30, 2019, the full amount of the ABL facility was available. Borrowing is permitted under the ABL facility only to the extent that, after consideration of the application of the proceeds of the borrowing, the Company’s unrestricted cash and cash equivalents would not exceed $180 million.
(2) Weighted average rate for the trailing twelve months ended September 30, 2019.
(3) Repayment of $271,870 is net of original issue discount of $975 and unamortized debt issuance of $2,154. Total repayment will be $275,000.
(4) Repayment of $628,918 is net of original issue discount of $3,820 and unamortized debt issuance of $2,949. Total repayment will be $635,686.
(5) Primarily foreign seasonal lines of credit.

ABL Facility

The ABL credit agreement restricts the Company from paying dividends during the term of this facility subject to the satisfaction of specified financial ratios. In addition, the indentures governing the Company's outstanding 8.5% senior secured first lien notes due 2021 and its outstanding 9.875% senior secured second lien notes due 2021 contain similar restrictions and also prohibit the payment of dividends and other distributions if the Company fails to satisfy a ratio of consolidated EBITDA to fixed charges of at least 2.0 to 1.0. As of September 30, 2019, the Company did not satisfy this fixed charge coverage ratio. The Company may not satisfy this ratio from time to time and failure to meet this fixed charge coverage ratio does not constitute an event of default.