DEBT

Debt as of September 30 and March 31, 2018 consisted of the following (in thousands):



	September 30, 2018			March 31, 2018
8.75% Senior Secured Notes due 2023	$	347,006		$	346,610
4½% Convertible Senior Notes due 2023	110,102			107,397
6¼% Senior Notes due 2022	401,535			401,535
Lombard Debt	189,909			211,087
Macquarie Debt	178,028			185,028
PK Air Debt	221,161			230,000
Airnorth Debt	12,434			13,832
Eastern Airways Debt	7,531			14,519
Other Debt	6,833			3,991
Unamortized debt issuance costs	(24,830		)	(27,465		)
Total debt	1,449,709			1,486,534
Less short-term borrowings and current maturities of long-term debt	(50,798		)	(56,700		)
Total long-term debt	$	1,398,911		$	1,429,834

ABL Facility — On April 17, 2018, two of our subsidiaries entered into a new asset-backed revolving credit facility (the “ABL Facility”), which provides for commitments in an aggregate amount of $75 million, with a portion allocated to each borrower subsidiary, subject to an availability block of $15 million and a borrowing base calculated by reference to eligible accounts receivable. The maximum amount of the ABL Facility may be increased from time to time to a total of as much as $100 million, subject to the satisfaction of certain conditions, and any such increase would be allocated among the borrower subsidiaries. The ABL Facility matures in five years, subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited. As of September 30, 2018, there were no outstanding borrowings under the ABL Facility nor had we made any draws during the six months ended September 30, 2018. As of September 30, 2018, we had $11.4 million in letters of credit outstanding under the ABL Facility.

We amended the ABL Facility pursuant to a letter agreement, dated effective as of November 7, 2018 and made by us and agreed to by Barclays Bank PLC, on behalf of the finance parties under the ABL Facility (the “ABL Amendment”). The ABL Amendment amends the ABL Facility to, among other things, provide that certain of the provisions, including covenants and events of default contained therein, will exclude unrestricted subsidiaries (as designated under the indenture governing the 8.75% Senior Secured Notes due 2023) from the requirements and defaults thereunder.

4½% Convertible Senior Notes due 2023 — The balances of the debt and equity components of our 4½% Convertible Senior Notes due 2023 (the “4½% Convertible Senior Notes”) as of September 30 and March 31, 2018 is as follows (in thousands):



	September 30, 2018			March 31, 2018

Equity component - net carrying value ⁽¹⁾	$	36,778		$	36,778
Debt component:
Face amount due at maturity	$	143,750		$	143,750
Unamortized discount	(33,648		)	(36,353		)
Debt component - net carrying value	$	110,102		$	107,397

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⁽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 six months ended September 30, 2018 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for the three and six months ended September 30, 2018 was as follows (in thousands):



	Three months ended September 30, 2018		Six months ended September 30, 2018

Contractual coupon interest	$	1,636	$	3,247
Amortization of debt discount	1,392		2,705
Total interest expense	$	3,028	$	5,952

Eastern Airways Debt - Eastern Airways’ outstanding debt includes borrowings under a revolving credit facility totaling $7.5 million as of September 30, 2018. Borrowings under the revolving credit facility are used for general corporate, working capital and capital expenditure purposes, and bear interest at LIBOR plus a margin of 2.75%. All outstanding obligations under the revolving credit facility will mature on December 31, 2018. Eastern Airways’ debt also included borrowings under a term loan facility that matured on August 31, 2018, and was repaid in a principal amount of $4.9 million during the six months ended September 30, 2018.