Loans Receivable (Notes)

3 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

17. Loans Receivable

In connection with an equity investment of $4,955, we agreed to provide a credit facility of up to approximately $11,000 for a term of up to seven years ending in 2025. The loan carries an interest rate of 4% compounded daily and payable annually. Outstanding borrowings under the agreement totaled $7,316 at June 30, 2020 and $7,084 at March 31, 2020.

In connection with the fiscal 2017 divestiture of Synergy Health Netherlands Linen Management Services, we entered into a loan agreement to provide financing of up to €15,000 for a term of up to 15 years. The loan carried an interest rate of 4% for the first four years and 12% thereafter. The loan was renegotiated during the third quarter of fiscal 2020. According to the new terms of the loan agreement, the outstanding balance at October 31, 2019, of €7,300, will be repaid in six equal annual installments beginning on October 18, 2022. The loan carries an interest rate of 4% for the first four years and 8% thereafter. Outstanding borrowings under the agreement totaled $8,210 (or €7,300) at June 30, 2020 and $8,072 (or €7,300) at March 31, 2020.

Amounts for loan receivables as noted above are recorded in the "Other assets" line of our Consolidated balance sheets. Interest income is not material