DEBT

12 Months Ended

Mar. 31, 2020

Credit Agreement

On February 8, 2019, we entered into an unsecured credit agreement (the “Credit Agreement”). The Credit Agreement replaced our prior credit agreement, which was terminated on the same day. The Credit Agreement runs through February 8, 2024. The Credit Agreement provides for an unsecured five-year revolving credit facility with commitments of $200,000, including sublimits for (i) the issuance of letters of credit in an aggregate face amount of up to $25,000 and (ii) borrowings and letters of credit denominated in Pounds Sterling, Euros and Canadian Dollars in an aggregate principal amount of up to $25,000. In addition, the Credit Agreement contains uncommitted incremental capacity permitting the incurrence of up to an additional $250,000 in term loans or revolving credit facilities.

Loans under the Credit Agreement will bear interest at a rate of (a) 0.250% to 0.750% above a certain base rate (5.50% at March 31, 2020) or (b) 1.125% to 1.750% above LIBOR (approximately 1.66% at March 31, 2020), which rates are determined by reference to our consolidated total net leverage ratio. We had no outstanding borrowings at March 31, 2020.

Information related to availability on our Credit Agreement is as follows:


	March 31,		March 31,
	2020		2019
Available borrowings	$	198,336	$	198,336
Outstanding letters of credit	$	1,664	$	1,664

We recorded interest expense and fees related to the Credit Agreement of $275 and $372, for the fiscal years ended March 31, 2020 and 2019, respectively and, under a prior credit agreement that was terminated on the same day that we entered into the Credit Agreement, $472 and $441, for the fiscal years ended March 31, 2019 and 2018, respectively. The Credit Agreement also includes, among other terms and conditions, maximum leverage ratio, minimum cash reserves and, in certain circumstances, minimum interest coverage ratio financial covenants, as well as limitations on us and each of our subsidiaries’ ability to: create, incur, assume or be liable for indebtedness; dispose of assets outside the ordinary course; acquire, merge or consolidate with or into another person or entity; create, incur or allow any lien on any of its property; make investments; or pay dividends or make distributions, in each case subject to certain exceptions. In addition, the Credit Agreement provides for certain events of default such as nonpayment of principal and interest when due thereunder, breaches of representations and warranties, noncompliance with covenants, acts of insolvency and default on indebtedness held by third parties (subject to certain limitations and cure periods).

1.00% Convertible Notes Due 2018

On June 18, 2013, we issued $250,000 aggregate principal amount of 1.00% Convertible Notes due 2018. The Convertible Notes were issued at 98.5% of par value for proceeds of $283,188, which included a $37,500 overallotment option that was exercised. Interest on the Convertible Notes was payable semi-annually in arrears on July 1st and January 1st of each year, commencing on January 1, 2014. The Convertible Notes matured on July 1, 2018.

The following table provides the components of interest expense related to our Convertible Notes:


	Fiscal Year Ended March 31,
	2020		2019		2018
Cash interest expense (coupon interest expense)	$	—	$	1	$	539
Non-cash amortization of discount on 1.00% Convertible Notes	—		91		15,662
Amortization of debt issuance costs	—		3		466
Total interest expense related to 1.00% Convertible Notes	$	—	$	95	$	16,667