Debt Arrangements

9 Months Ended

Dec. 31, 2019

The following summarizes debt and notes payable:


							December 31, 2019
	Outstanding						Lines and
	March 31,		December 31,		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		272,369		—		8.5	%
9.875% senior secured second lien notes due 2021 ⁽⁴⁾	627,147		629,821		—		9.9	%
Other long-term debt	688		596		—		5.2	%	(2)
Notes payable to banks ⁽⁵⁾	428,961		580,346		258,436		7.1	%	(2)
Total debt	$	1,327,679	$	1,483,132	$	318,436
Short-term	$	428,961	$	580,346
Long-term:
Current portion of long-term debt	$	332	$	325
Long-term debt	898,386		902,461
	$	898,718	$	902,786
Letters of credit	$	5,399	$	7,151	5,740
Total credit available					$	324,176

(1) As of December 31, 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 December 31, 2019.
(3) Repayment of $272,369 is net of original issue discount of $826 and unamortized debt issuance of $1,805. Total repayment will be $275,000.
(4) Repayment of $629,821 is net of original issue discount of $3,328 and unamortized debt issuance of $2,537. Total repayment will be $635,686.
(5) Primarily foreign seasonal lines of credit.

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 restrictions, subject to certain exceptions and baskets, that 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 December 31, 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.

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.