DEBT

12 Months Ended

Mar. 31, 2022

Credit Agreement

On February 8, 2019, we entered into an unsecured credit agreement (the “Credit Agreement”) , and on June 28, 2021, we amended our unsecured Credit Agreement solely to increase the commitments under the facility by $50,000 (as amended, the “Credit Agreement”) that runs through February 8, 2024. The Credit Agreement provides for an unsecured five-year revolving credit facility with commitments of $250,000, 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 $200,000 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 (3.50% at March 31, 2022) or (b) 1.125% to 1.750% above LIBOR (approximately 0.45% at March 31, 2022), which rates are determined by reference to our consolidated total net leverage ratio. We had no outstanding borrowings at March 31, 2022 and March 31, 2021.

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


	March 31,
	2022		2021
Available borrowings	$	247,477	$	197,874
Outstanding letters of credit	$	2,523	$	2,126

We recorded interest expense and fees related to the Credit Agreement of $450, $355 and $275, for the fiscal years ended March 31, 2022, 2021 and 2020. 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).

Bridge Loan

During the fiscal year ended March 31, 2022, in connection with our pending acquisition of Zynga, we received a bridge loan commitment of $2.7 billion from J.P. Morgan and certain other lenders and recognized expense related to interest and fees of $6,075 within Interest and other, net in our Consolidated Statements of Operations. At March 31, 2022, $6,075 of deferred financing costs remained within Prepaid expenses and other on our Consolidated Balance Sheet. The bridge loan was terminated in April 2022 as a result of our debt offering. Refer to Note 23 - Subsequent Events.