DEBT (Tables)

6 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of 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

Schedule of convertible debt

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 endedSeptember 30, 2018 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for the three and six months endedSeptember 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