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Debt Arrangements (Tables)

9 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt and Notes Payable

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.