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Debt
12 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
The following summarizes the recent significant transactions impacting the Company’s indebtedness:
On January 31, 2014, the Company entered into a senior secured credit facility (the “2014 Senior Secured Credit Facility”), which consisted of a $20.0 million revolving line of credit and a $105.0 million term loan. Also, on January 31, 2014, the Company entered into a $40.0 million second lien term loan (the “Second Lien Term Loan”).
On June 7, 2016, the Company incurred an incremental $64.0 million in term loan borrowings under the 2014 Senior Secured Credit Facility to fund, in part, a $72.0 million special dividend to stockholders, and increased the total availability under the revolving credit facility to $25.0 million.
On September 27, 2016, the Company used a portion of the proceeds from the initial public offering to repay the entire outstanding balance of $40.0 million from the Second Lien Term Loan.
On December 23, 2016, the Company refinanced its outstanding obligations under the 2014 Senior Secured Credit Facility, entering into a new 5-year, $200.0 million senior secured credit agreement (the “2016 Senior Secured Credit Facility”), as further described below.
On August 25, 2017, the Company amended the 2016 Senior Secured Credit Facility to increase the total availability under the revolving line of credit to $50.0 million and to lower the interest rates and extend the maturity date to August 25, 2022.
On April 8, 2020, the Company amended the 2016 Senior Secured Credit Facility to modify the Company’s quarterly maintenance covenants, and to add interest rates with respect to borrowings associated with the added increased maximum permitted total net leverage ratios.
On April 30, 2021, the Company refinanced its outstanding obligations under the 2016 Senior Secured Credit Facility and entered into a new 5-year $200.0 million senior secured credit agreement. See Note 21 Subsequent Events to consolidated financial statements in Part IV, Item 15 “Exhibits, financial statement schedules”.
The Company’s outstanding debt as of March 31, 2021 and March 31, 2020 consists of the following (in thousands):
 March 31, 2021March 31, 2020
Debt: 
Term loan$124,589 $135,853 
Finance lease obligations2,200 3,012 
Total debt126,789 138,865 
Less: debt issuance costs(253)(209)
Total debt, net of issuance costs126,536 138,656 
Less: current portion(16,281)(12,568)
Long-term portion of debt$110,255 $126,088 
Senior secured credit agreement, as amended
On December 23, 2016, the Company entered into the Senior Secured Credit Agreement (as amended, the "2016 Credit Agreement") with a syndicate consisting of several large financial institutions with respect to the 2016 Senior Secured Credit Facility. The Credit Agreement was first amended on August 25, 2017, increasing the aggregate commitments to $215.0 million. The 2016 Credit Agreement, as amended, consisted of a $50.0 million revolving line of credit and a $165.0 million term loan. The 2016 Credit Agreement was amended again on December 7, 2018 to reflect the change in the Company's fiscal year-end from December 31 to March 31, and amended again on April 8, 2020 to (i) increase the maximum permitted total net leverage ratio for certain fiscal quarters, (ii) reduce the minimum fixed charge coverage ratio for certain fiscal quarters, (iii) add additional interest rates to correspond to the increased maximum permitted total net leverage ratios, (iv) increase the amount of cash netted in the calculation of the consolidated total net leverage ratio, and (v) amend the language around the level of add backs to the adjusted consolidated EBITDA definition.
The 2016 Credit Agreement contained a number of covenants that, among other things, restricted our ability to (subject to certain exceptions) pay dividends and distributions or repurchase our capital stock, incur additional indebtedness, create liens on assets, engage in mergers or consolidations and sell or otherwise dispose of assets. The 2016 Credit Agreement also included reporting, financial and maintenance covenants that require us to, among other things, comply with certain consolidated total net leverage ratios and consolidated fixed charge coverage ratios. As of March 31, 2021 and March 31, 2020, the Company was in compliance with all financial covenants under the 2016 Credit Agreement.
Aggregate future minimum principal payments are as follows (in thousands):
The year ended March 31, 2021Term Loan
2022$15,469 
2023109,725 
Total$125,194 
Interest expense  
The components of interest expense, net are as follows (in thousands):
Year ended
March 31,
Three months ended March 31,
(transition period)
Year ended
December 31,
 2021202020192018
Interest on term loan debt$2,912 $6,096 $1,774 $6,774 
Amortization of debt issuance costs847 747 190 792 
Interest on revolving line of credit199 149 40 132 
Interest on finance leases137 179 50 155 
Interest income(5)(863)(205)(37)
Interest expense, net$4,090 $6,308 $1,849 $7,816