DEBT

Debt as of September 30 and March 31, 2017 consisted of the following (in thousands):



	September 30, 2017			March 31, 2017
6¼% Senior Notes due 2022	$	401,535		$	401,535
Term Loan	150,835			261,907
Term Loan Credit Facility	28,929			45,900
Revolving Credit Facility	89,100			139,100
Lombard Debt	207,153			196,832
Macquarie Debt	192,028			200,000
PK Air Debt	230,000			—
Airnorth Debt	15,193			16,471
Eastern Airways Debt	14,597			15,326
Other Debt	—			16,293
Unamortized debt issuance costs	(17,264		)	(11,345		)
Total debt	1,312,106			1,282,019
Less short-term borrowings and current maturities of long-term debt	(113,519		)	(131,063		)
Total long-term debt	$	1,198,587		$	1,150,956

Term Loan and Revolving Credit Facility — During the six months ended September 30, 2017, we had borrowings of $107.8 million and made payments of $157.8 million under our $400 million revolving credit facility (the “Revolving Credit Facility”). Additionally, we paid $111.2 million to reduce our borrowings under the $350 million term loan (the “Term Loan”). As of September 30, 2017, we had $18.9 million in letters of credit outstanding under the Revolving Credit Facility.

Term Loan Credit Facility — During the six months ended September 30, 2017, we paid $17.0 million under our $200 million of term loan commitments (the “Term Loan Credit Facility”). Additionally, in October 2017, we paid off the remaining $28.9 million of the Term Loan Credit Facility and terminated the facility.

PK Air Debt — On July 17, 2017, a wholly-owned subsidiary entered into a term loan credit agreement with PK AirFinance S.à r.l., as agent, and PK Transportation Finance Ireland Limited, as lender, and other lenders from time to time party thereto, which provided for commitments in an aggregate amount of up to $230 million to make up to 24 term loans, each of which shall be made in respect of an aircraft to be pledged as collateral for all of the term loans. The term loans are also secured by a pledge of all shares of the borrower and any other assets of the borrower, and will be guaranteed by the Company. The financing funded in two tranches in September 2017 and proceeds were used to repay $17.0 million of the Term Loan Credit Facility, $93.7 million of the Term Loan and $103.0 million of the Revolving Credit Facility.

Each term loan bears interest at an interest rate equal to, at the borrower’s option, a floating rate of one-month LIBOR plus a margin of 5% per annum (the “Margin”), subject to certain costs of funds adjustments, determined two business days before the borrowing date of each term loan, or a fixed rate based on a notional interest rate swap of twelve 30-day months in respect of such term loan with a floating rate of interest based on one-month LIBOR, plus the Margin.

The borrower is required to repay each term loan on an annuity basis, payable monthly in arrears starting on the seventh month following the date of the borrowing of such term loan, with a final payment of 53% of the initial amount of such term loan due on the 70th month following the date of the borrowing of such term loan.

In connection with the credit agreement, the borrower will guarantee certain of its direct parent’s obligations under existing aircraft operating leases up to a capped amount.

Other Debt — Other Debt as of March 31, 2017 primarily included amounts payable relating to the third year earn-out payment of $16.0 million for our investment in Cougar Helicopters Inc. (“Cougar”), which was paid in April 2017.