Note 16:

Indebtedness

Long-term debt was comprised of the following:

	Fiscal year of maturity		March 31, 2016			March 31, 2015

Foreign credit agreements		2018-2020	$	0.4		$	0.2
6.8% Senior Notes		2017-2021		125.0			125.0
Revolving credit facility		2019		-			-
				125.4			125.2
Other (a)		2017-2030		8.6			4.9
				134.0			130.1
Less: current portion				(8.5	)		(0.5	)
Total long-term debt			$	125.5		$	129.6

(a)

Other long-term debt includes capital lease obligations and other financing-type obligations.

The Company maintains a $175.0 million domestic revolving credit facility, which expires in August 2018. Borrowings under the credit agreement bear interest at a variable rate based on the London Interbank Offered Rate (“LIBOR”) plus 125 to 225 basis points (1.8 percent at March 31, 2016) depending upon the Company’s leverage ratio, as defined below. At March 31, 2016 and 2015, no borrowings were outstanding under the revolving credit facility.

The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at March 31, 2016 and 2015 of $28.6 million and $18.6 million, respectively. At March 31, 2016, the Company’s foreign unused lines of credit totaled $32.0 million. In aggregate, the Company had total available lines of credit of $207.0 million at March 31, 2016.

Provisions in the Company’s revolving credit facility, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided liens on substantially all domestic assets. The Company is also subject to a leverage ratio covenant, which requires the Company to limit its consolidated indebtedness, less a portion of the Company’s cash balance, both as defined by the credit agreement, to no more than three and one-quarter times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”), and an interest expense coverage ratio, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of March 31, 2016.

Long-term debt matures as follows:

Fiscal Year
2017	$	8.5
2018		16.5
2019		16.5
2020		16.6
2021		69.4
2022 & beyond		6.5
Total	$	134.0

The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. At March 31, 2016 and 2015, the carrying value of Modine’s long-term debt approximated fair value, with the exception of the Senior Notes, which had a fair value of approximately $139.0 million and $141.0 million, respectively. The fair value of the Senior Notes is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.