DEBT (Tables)

9 Months Ended

Dec. 31, 2017

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



	December 31, 2017			March 31, 2017
6¼% Senior Notes due 2022	$	401,535		$	401,535
4½% Convertible Senior Notes due 2023	106,124			—
Term Loan	52,546			261,907
Term Loan Credit Facility	—			45,900
Revolving Credit Facility	—			139,100
Lombard Debt	206,831			196,832
Macquarie Debt	188,528			200,000
PK Air Debt	230,000			—
Airnorth Debt	14,507			16,471
Eastern Airways Debt	12,772			15,326
Other Debt	2,423			16,293
Unamortized debt issuance costs	(19,365		)	(11,345		)
Total debt	1,195,901			1,282,019
Less short-term borrowings and current maturities of long-term debt	(93,136		)	(131,063		)
Total long-term debt	$	1,102,765		$	1,150,956

Schedule of convertible debt

Accounting standards require that convertible debt which may be settled in cash upon conversion (including partial cash settlement) be accounted for with a liability component based on the fair value of similar nonconvertible debt and an equity component based on the excess of the initial proceeds from the convertible debt over the liability component. Such excess represents proceeds related to the conversion option and is recorded as additional paid-in capital. The liability is recorded at a discount, which is then amortized as additional non-cash interest expense over the term of the 4½% Convertible Senior Notes. The balances of the debt and equity components of the 4½% Convertible Senior Notes as of December 31, 2017 is as follows (in thousands):



Equity component - net carrying value ⁽¹⁾	$	36,778
Debt component:
Face amount due at maturity	$	143,750
Unamortized discount	(37,626		)
Debt component - net carrying value	$	106,124

_____________

⁽¹⁾ Net of equity issuance costs of $1.0 million.

The remaining debt discount is being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and nine months ended December 31, 2017 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for the three and nine months ended December 31, 2017 was as follows (in thousands):



Contractual coupon interest	$	234
Amortization of debt discount	181
Total interest expense	$	415