Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT

v3.19.2
LONG-TERM DEBT
3 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Long-term Debt [Text Block]
NOTE 4: LONG-TERM DEBT
The Company’s long-term debt consisted of the following (in thousands):
 
   
As of June 30,

2019
   
As of March 31,

2019
 
Senior Secured Term Loan
  $ 164,175     $  164,588  
Less: current portion
    (1,650     (1,650
Less: unamortized debt issuance costs
 (1)
    (16,403     (17,317
   
 
 
   
 
 
 
Long-term debt, net
  $ 146,122     $ 145,621  
   
 
 
   
 
 
 
 
(1)
The unamortized debt issuance costs related to the Senior Secured Term Loan are presented as a reduction of the carrying amount of the corresponding debt balance on the accompanying condensed consolidated balance sheets. Unamortized debt issuance costs related to the PNC Credit Facility are presented within other assets on the accompanying condensed consolidated balance sheets.
On October 21, 2016 (the “Closing Date”), the Company entered into a term loan and security agreement (the “TCW Term Loan”) with TCW Asset Management Company LLC (“TCW”) and a revolving credit and security agreement (the “PNC Credit Facility”) with PNC Bank, National Association (“PNC”). On December 27, 2018 (the “Closing Date”), the Company entered into a senior secured term loan of $150.0 million with U.S. Bank, National Association (“U.S. Bank”), drawn on the Closing Date, and a senior secured delayed draw term loan of $15.0 million (collectively, the “Senior Secured Term Loan”) which was drawn in January 2019. In connection with the Senior Secured Term Loan, the Company amended its existing PNC Credit Facility (the “Amended PNC Credit Facility”) providing for borrowings up to a maximum principal amount of the lesser of: (a) $45.0 million or (b) the amount of the borrowing base, as defined in the PNC Credit Facility agreement. Borrowings under the Senior Secured Term Loan and Amended PNC Credit Facility (collectively, the “December 2018 Credit Agreements”) mature on December 27, 2023.
A portion of the proceeds from the Senior Secured Term Loan was used to repay all outstanding borrowings under the TCW Term Loan.
As of June 30, 2019, the interest rates on the Senior Secured Term Loan and the Amended PNC Credit Facility were 12.3% and 8.5%, respectively. As of June 30, 2019, the Company had no amounts outstanding on the Amended PNC Credit Facility and had borrowing availability of $24.2 million.
As of June 30, 2019, the Company was required to maintain a $5.0 million restricted cash reserve as part of the Amended PNC Credit Facility. This balance is presented as long-term restricted cash within the accompanying condensed consolidated balance sheet as of June 30, 2019.