XML 33 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
DEBT
6 Months Ended
Sep. 30, 2011
Debt [Abstract] 
DEBT

Note 4 — DEBT

Debt as of September 30 and March 31, 2011 consisted of the following (in thousands):

 

    September 30, March 31,
    2011 2011
 7 ½% Senior Notes due 2017, including $0.4 million of unamortized premium $350,378 $350,410
 Term Loan   200,000  200,000
 Revolving Credit Facility   87,800  30,000
 3% Convertible Senior Notes due 2038, including $14.1 million and $15.8 million of unamortized discount, respectively   100,885  99,219
 Bristow Norway Debt   10,207  11,454
 RLR Note   14,283  14,900
 Other debt   807  1,478
  Total debt   764,360  707,461
  Less short-term borrowings and current maturities of long-term debt   (13,273)  (8,979)
  Total long-term debt  $751,087 $698,482

During fiscal year 2012, we made payments of $30.0 million to paydown our initial borrowing under the Revolving Credit Facility. Additionally, we have received proceeds from new borrowings under the Revolving Credit Facility of $87.8 million primarily for aircraft purchase payments. For further details on the Revolving Credit Facility, see Note 5 to the fiscal year 2011 Financial Statements.

The balances of the debt and equity components of the 3% Convertible Senior Notes due 2038 (“3% Convertible Senior Notes”) as of each period presented are as follows (in thousands):

    September 30, March 31, 
   20112011 
 Equity component – net carrying value  $14,905 $14,905 
 Debt component:       
  Face amount due at maturity  $115,000 $115,000 
  Unamortized discount   (14,115)  (15,781) 
  Debt component – net carrying value  $100,885 $99,219 

The remaining debt discount is being amortized into interest expense over the expected four year remaining life of the 3% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and six months ended September 30, 2011 and 2010 was 6.9%. Interest expense related to our 3% Convertible Senior Notes for the three and six months ended September 30, 2011 and 2010 was as follows (in thousands):

    Three Months Ended Six Months Ended 
    September 30, September 30, 
    2011 2010 2011 2010 
 Contractual coupon interest  $863 $863 $1,726 $1,726 
 Amortization of debt discount   844  789  1,666  1,565 
  Total interest expense  $1,707 $1,652 $3,392 $3,291