Long-Term Debt

12 Months Ended

Mar. 31, 2019

LONG-TERM DEBT

The Company's long-term debt at March 31, 2019 and 2018 consisted of the following:



	March 31,
	2019			2018
Senior bank term loans	$	370,000		$	370,000
Total outstanding	370,000			370,000
Less: current portion	—			—
Less: unamortized debt issuance costs	(1,497		)	(914		)
Long-term debt	$	368,503		$	369,086

As discussed in Note 6, on December 20, 2018, the Company entered into a new bank credit agreement that replaced its previous bank credit agreement dated December 30, 2014. Except for extending the maturity dates of the underlying components of the facility and providing for a larger expansion feature, the new agreement is substantially the same as the prior agreement, including a $150 million five-year term loan and a $220 million seven-year term loan. Both term loans were fully funded at closing, require no amortization, and are prepayable without penalty prior to maturity. Under the credit agreement, both term loans bear interest at variable rates plus a margin based on the Company's credit measures. The $150 million five-year term loan matures in December 2023, and the $220 million seven-year term loan matures in December 2025.

As discussed in Note 9, the Company had receive-floating/pay-fixed interest rate swap agreements in place with respect to the prior loans that were initially designated and carried over to hedge the variable interest payments on the new loans. Those swap agreements were subsequently terminated in February 2019 and concurrently replaced with new interest rate swap agreements that will continue to convert the variable benchmark rate to a fixed rate through December 20, 2023 for the five-year term loan and through December 20, 2025 for the seven-year term loan. The proceeds received for the fair value of the terminated interest rate swap agreements, approximately $5.4 million, is being amortized from accumulated other comprehensive income into earnings as a reduction of interest expense through their original maturity dates. With the new swap agreements in place, the effective interest rates on the $150 million five-year loan and the $220 million seven-year loan were 3.94% and 4.26%, respectively, at March 31, 2019. The effective rates will change only if a change in the Company's credit measures results in adjustments to the applicable credit spreads specified in the underlying loan agreement.

In November 2017, the Company filed an undenominated universal shelf registration statement with the U.S. Securities and Exchange Commission to provide for the future issuance of an undefined amount of additional debt or equity securities as determined by the Company and offered in one or more prospectus supplements prior to issuance.

Disclosures about the fair value of long-term debt are provided in Note 10.