DEBT (Tables)

6 Months Ended

Sep. 30, 2019

Debt as of September 30 and March 31, 2019 consisted of the following (in thousands):



	September 30, 2019			March 31, 2019
8.75% Senior Secured Notes due 2023 ⁽¹⁾	$	273,449		$	347,400
4½% Convertible Senior Notes due 2023 ⁽¹⁾⁽²⁾	143,750			112,944
6¼% Senior Notes due 2022 ⁽¹⁾⁽²⁾	401,535			401,535
DIP Credit Agreement ⁽¹⁾	150,000			—
Term Loan	75,000			—
Lombard Debt	167,519			183,450
Macquarie Debt	164,028			171,028
PK Air Debt	202,634			212,041
Airnorth Debt	9,416			11,058
Humberside Debt	351			—
Other Debt ⁽²⁾	9,370			9,168
Unamortized debt issuance costs	(19,745		)	(21,771		)
Total debt	1,577,307			1,426,853
Less amounts included in liabilities subject to compromise	(554,655		)	—
Less short-term borrowings and current maturities of long-term debt	(947,041		)	(1,418,630		)
Total long-term debt	$	75,611		$	8,223

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⁽¹⁾	These notes were settled in accordance with the Amended Plan.


⁽²⁾	Reclassified to liabilities subject to compromise on our condensed consolidated balance sheet as of September 30, 2019. See Note 2 and “— 4½% Convertible Senior Notes due 2023” and “— 6¼% Convertible Senior Notes due 2023” below for further details.


⁽³⁾	Unamortized debt issuance costs as of September 30, 2019 relate to 8.75% Senior Secured Notes due 2023, Term Loan, Lombard Debt, Macquarie Debt and PK Air Debt. Unamortized debt issuance costs as of March 31, 2019 relate to 8.75% Senior Secured Notes due 2023, 4½% Convertible Senior Notes due 2023, 6¼% Senior Notes due 2022 Term Loan, Lombard Debt, Macquarie Debt and PK Air Debt.

Schedule of convertible debt

4½% Convertible Senior Notes due 2023 — The balances of the debt and equity components of our 4½% Convertible Senior Notes are as follows (in thousands):



	September 30, 2019		March 31, 2019

Equity component - net carrying value ⁽¹⁾	$	36,778	$	36,778
Debt component:
Face amount due at maturity	$	143,750	$	143,750
Unamortized discount	—		(30,806		)
Debt component - net carrying value	$	143,750	$	112,944

_____________

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

Prior to May 11, 2019, the remaining debt discount was being amortized to interest expense over the term of the 4½% Convertible Senior Notes using the effective interest rate. The effective interest rate for April 1, 2019 to May 11, 2019 and the three and six months ended September 30, 2018 was 11.0%. Interest expense related to our 4½% Convertible Senior Notes was as follows (in thousands):



	Three Months Ended September 30,				Six Months Ended September 30,
	2019		2018		2019		2018
Contractual coupon interest	$	—	$	1,636	$	715	$	3,247
Amortization of debt discount	—		1,392		648		2,705
Total interest expense	$	—	$	3,028	$	1,363	$	5,952