LONG-TERM DEBT

9 Months Ended

Dec. 31, 2019

Debt consists of the following (in thousands):


	December 31, 2019		March 31, 2019
Revolving Credit Facility, interest rate of 3.01% and 3.74%, respectively	$	—	$	20,000
Whitmore Term Loan, interest rate of 3.76% and 4.50%, respectively	11,038		11,459
Total debt	11,038		31,459
Less: Current portion	(561)		(561)
Long-term debt	$	10,477	$	30,898

Revolving Credit Facility

As discussed in Note 8 to our consolidated financial statements included in our Annual Report, we have a five-year, $250.0 million revolving credit facility agreement, with an additional $50.0 million accordion feature, which matures on September 15, 2022 (the “Revolving Credit Facility”). Borrowings under this facility bear interest at a rate of prime plus 0.25% or London Interbank Offered Rate ("LIBOR") plus 1.25%, which may be adjusted based on our leverage ratio. We pay a commitment fee of 0.15% for the unutilized portion of the Revolving Credit Facility. Interest and commitment fees are payable at least quarterly and the outstanding principal balance is due at the maturity date. The Revolving Credit Facility is secured by substantially all of our domestic assets. During the nine months ended December 31, 2019, we borrowed $7.5 million and repaid $27.5 million under this facility, and as of December 31, 2019 and March 31, 2019, we had a remaining outstanding balance of $0 and $20.0 million, respectively, which resulted in borrowing capacity of $300.0 million and $280.0 million, respectively, inclusive of the accordion feature. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of December 31, 2019.

Whitmore Term Loan

As of December 31, 2019, Whitmore Manufacturing (one of our wholly-owned operating subsidiaries) had a secured term loan ("Whitmore Term Loan") outstanding related to a warehouse and corporate office building and the remodel of an existing manufacturing and research and development facility. The Whitmore Term Loan matures on July 31, 2029 and requires payments of $140,000 each quarter. Borrowings under this loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of December 31, 2019 and March 31, 2019, Whitmore Manufacturing had $11.0 million and $11.5 million, respectively, in outstanding borrowings under the Whitmore Term Loan. Interest payments under the Whitmore Term Loan are hedged under an interest rate swap agreement as described in Note 9.