DEBT

Debt as of June 30 and March 31, 2014 consisted of the following (in thousands):



	June 30, 2014			March 31, 2014
6¼% Senior Notes due 2022	$	438,745		$	450,000
Term Loan	225,505			226,604
3% Convertible Senior Notes due 2038, including $4.1 million and $5.1 million of unamortized discount, respectively	110,923			109,904
Revolving Credit Facility	152,000			24,000
Eastern Airways debt	27,271			29,911
Other	664			883
Total debt	955,108			841,302
Less short-term borrowings and current maturities of long-term debt	(13,851		)	(14,207		)
Total long-term debt	$	941,257		$	827,095

6 ¼% Senior Notes due 2022 — During the three months ended June 30, 2014, we repurchased $11.3 million principal amount of the 6 ¼% Senior Notes in the open market at 107.75% plus accrued interest for a total of $12.2 million. In connection with this repurchase of our 6 ¼% Senior Notes, we incurred $0.9 million in premium and fees, which is included in other income (expense), net on our condensed consolidated statements of income, and wrote-off $0.2 million of unamortized deferred financing fees, which is included in interest expense, net on our condensed consolidated statements of income.

3% Convertible Senior Notes due 2038 —The balances of the debt and equity components of the 3% Convertible Senior Notes due 2038 (the “3% Convertible Senior Notes”) as of each period presented are as follows (in thousands):



	June 30, 2014			March 31, 2014
Equity component – net carrying value	$	14,905		$	14,905
Debt component:
Face amount due at maturity	$	115,000		$	115,000
Unamortized discount	(4,077		)	(5,096		)
Debt component – net carrying value	$	110,923		$	109,904

The remaining debt discount is being amortized into interest expense over the expected remaining life of the 3% Convertible Senior Notes to June 2015 (the first put date) using the effective interest rate. The effective interest rate for the three months ended June 30, 2014 and 2013 was 6.9%. Interest expense related to our 3% Convertible Senior Notes for the three months ended June 30, 2014 and 2013 was as follows (in thousands):



	Three Months Ended June 30,
	2014		2013
Contractual coupon interest	$	863	$	863
Amortization of debt discount	1,019		921
Total interest expense	$	1,882	$	1,784

Term Loan and Revolving Credit Facility — During the three months ended June 30, 2014, we had borrowings of $147.5 million and made payments of $19.5 million under the Revolving Credit Facility. Additionally, we paid $1.1 million to reduce our borrowings under the Term Loan. As of June 30, 2014, we had $0.5 million in letters of credit outstanding under the Revolving Credit Facility.