INDEBTEDNESS (Tables)

9 Months Ended

Dec. 31, 2015

Summary of Debt Outstanding

The following is a summary of debt outstanding at December 31, 2015 and March 31, 2015:

	December 31,			March 31,
(In thousands, except weighted average data)	2015			2015
Credit facility:
Term loan agreement (A)	$	300,000			300,000
Revolving line of credit (A) (B)		—			20,000
September 2013 senior unsecured notes:
Aggregate debt outstanding	$	500,000			500,000
Weighted average remaining life in years		7.6			8.4
Weighted average coupon rate on notes outstanding		4.86	%		4.86	%
Fair value of debt outstanding (Level 2)	$	425,950			516,879
August 2011 senior unsecured notes:
Aggregate debt outstanding	$	165,000			165,000
Weighted average remaining life in years		4.8			5.6
Weighted average coupon rate on notes outstanding		4.42	%		4.42	%
Fair value of debt outstanding (Level 2)	$	147,081			167,910
September 2010 senior unsecured notes (C):
Aggregate debt outstanding	$	382,500			425,000
Weighted average remaining life in years		4.3			4.6
Weighted average coupon rate on notes outstanding		4.35	%		4.25	%
Fair value of debt outstanding (Level 2)	$	344,634			431,296
July 2003 senior unsecured notes (D):
Aggregate debt outstanding	$	—			35,000
Weighted average remaining life in years		—			0.3
Weighted average coupon rate on notes outstanding		—			4.61	%
Fair value of debt outstanding (Level 2)	$	—			35,197
May 2015 notes (E) (F):
Amount outstanding	$	30,033			—
Fair value of debt outstanding (Level 2)		30,047			—
March 2015 notes (F):
Amount outstanding	$	28,259			29,488
Fair value of debt outstanding (Level 2)		28,265			29,501

(A) Fair values approximate carrying values because the borrowings bear interest at variable rates.

(B) $600 million and $580 million was available under the revolver at December 31, 2015 and March 31, 2015, respectively.

(C) Principal repayments of $42.5 million were paid during the quarter ended December 31, 2015.

(D) Remaining $35 million of borrowings fully paid in July 2015.

(E) In May 2015, a wholly owned subsidiary of the company entered into a $31.3 million, U.S. dollar denominated, 12 year borrowing agreement which matures in April 2027 and is secured by a guarantee by Tidewater Inc. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a spread based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.30% for a total rate of 4.22%).

(F) Notes require semi-annual principal payments.

Debt Costs

The following is a summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2015 and March 31, 2015, and their U.S. dollar equivalents:

	December 31,		March 31,
(In thousands)	2015		2015
3.81% January 2014 notes (A):
NOK denominated		262,500		275,000
U.S. dollar equivalent	$	29,606		34,234
Fair value in U.S. dollar equivalent (Level 2)		29,612		34,226
5.38% May 2012 notes (A):
NOK denominated		144,840		161,880
U.S. dollar equivalent	$	16,336		20,152
Fair value in U.S. dollar equivalent (Level 2)		16,329		19,924
Variable rate borrowings:
June 2013 borrowing agreement (B) (C)
NOK denominated		—		25,000
U.S. dollar equivalent	$	—		3,112
May 2012 borrowing agreement (B) (D)
NOK denominated		—		20,000
U.S. dollar equivalent	$	—		2,490

(A) Notes require semi-annual principal payments.

(B) Fair values approximate carrying values because the borrowings bear interest at variable rates.

(C) Remaining note balance was repaid in September 2015. The company recognized a $0.1 million gain on early extinguishment.

(D) Note was repaid in May 2015 upon maturity.

Norwegian Kroner (NOK) denominated borrowing

Summary of Debt Outstanding

The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31

	Quarter Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Interest and debt costs incurred, net of interest capitalized	$	13,312		12,239		39,741		37,927
Interest costs capitalized		2,513		3,638		8,280		9,920
Total interest and debt costs	$	15,825		15,877		48,021		47,847