DEBT (Tables)

12 Months Ended

Mar. 31, 2018

Debt as of March 31, 2018 and 2017 consisted of the following (in thousands):



	March 31,
	2018			2017
8.75% Senior Secured Notes	$	346,610		$	—
4½% Convertible Senior Notes	107,397			—
6¼% Senior Notes	401,535			401,535
Term Loan	—			261,907
Term Loan Credit Facility	—			45,900
Revolving Credit Facility	—			139,100
Lombard Debt	211,087			196,832
Macquarie Debt	185,028			200,000
PK Air Debt	230,000			—
Airnorth Debt	13,832			16,471
Eastern Airways Debt	14,519			15,326
Other Debt	3,991			16,293
Unamortized debt issuance costs	(27,465		)	(11,345		)
Total debt	1,486,534			1,282,019
Less short-term borrowings and current maturities of long-term debt	(1,475,438		)	(131,063		)
Total long-term debt	$	11,096		$	1,150,956

Schedule of convertible debt

The balances of the debt and equity components of the 4½% Convertible Senior Notes as of March 31, 2018 are as follows (in thousands):



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

_____________

⁽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 fiscal year 2018 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes for fiscal year 2018 was as follows (in thousands):



Contractual coupon interest	$	1,851
Amortization of debt discount	1,454
Total interest expense	$	3,305

Schedule of maturities of long-term debt

Aggregate annual maturities (which excludes unamortized discount of $36.4 million and unamortized debt issuance costs of $27.5 million) for all debt for the next five fiscal years and thereafter are as follows (in thousands):



Fiscal year ending March 31
2019	$	62,808
2020	51,243
2021	52,374
2022	181,125
2023	790,772
Thereafter	415,420
	$	1,553,742