Note 14: Indebtedness

Long-term debt consisted of the following:

	Fiscal year of maturity	September 30, 2017			March 31, 2017
Term loans	2022	$	272.3		$	268.9
6.8% Senior Notes	2021		109.0			117.0
5.8% Senior Notes	2027		50.0			50.0
Other (a)	2032		12.7			8.3
			444.0			444.2
Less: current portion			(36.0	)		(31.8	)
Less: unamortized debt issuance costs			(6.1	)		(6.7	)
Total long-term debt		$	401.9		$	405.7

(a)

Other long-term debt includes borrowings by foreign subsidiaries, capital lease obligations and other financing-type obligations.

At September 30, 2017 and March 31, 2017, the Company had $36.9 million and $40.4 million, respectively, of short-term borrowings under its $175.0 million multi-currency revolving credit facility, which expires in November 2021. At September 30, 2017, domestic letters of credit totaled $4.0 million, resulting in available capacity under the Company’s revolving credit facility of $134.1 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at September 30, 2017 and March 31, 2017 of $30.7 million and $33.0 million, respectively. At September 30, 2017, the Company’s foreign unused lines of credit totaled $20.1 million. In aggregate, the Company had total available lines of credit of $154.2 million at September 30, 2017.

Provisions in the Company’s amended and restated credit agreement, 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. In addition, the term loans require prepayments, as defined in the credit agreement, in the event the Company’s annual excess cash flow exceeds defined levels or in the event of certain asset sales. The Company is also subject to a leverage ratio covenant, which requires the Company to limit its consolidated indebtedness, less a portion of its 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”). As permitted by the credit agreements and in connection with the Company’s acquisition of Luvata HTS, this leverage ratio covenant limit was temporarily raised to no more than three and three-quarters times Adjusted EBITDA through September 30, 2017 and thereafter three and one-half times Adjusted EBITDA through June 30, 2018. The Company is also subject to an interest expense coverage ratio covenant, 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 September 30, 2017.

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 September 30, 2017 and March 31, 2017, the carrying value of Modine’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $164.0 million and $170.0 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.