DEBT

3 Months Ended

Jun. 30, 2012

Note 3 — DEBT

Debt as of June 30 and March 31, 2012 consisted of the following (in thousands):

		June 30,		March 31,
		2012		2012
7 ½% Senior Notes due 2017, including $0.3 million of unamortized premium		$	350,330	$	350,346
Term Loan			242,500		245,000
Revolving Credit Facility			40,000		59,300
3% Convertible Senior Notes due 2038, including $11.5 million and $12.4 million of unamortized discount, respectively			103,469		102,599
	Total debt		736,299		757,245
	Less short-term borrowings and current maturities of long-term debt		(16,562)		(14,375)
	Total long-term debt	$	719,737	$	742,870

During the three months ended June 30, 2012, we made payments of $19.3 million and $2.5 million to reduce our borrowings under the Revolving Credit Facility and Term Loan, respectively. For further details on the Revolving Credit Facility and Term Loan, see Note 5 to the fiscal year 2012 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):

		June 30,		March 31,
		2012		2012
Equity component – net carrying value		$	14,905	$	14,905
Debt component:
	Face amount due at maturity	$	115,000	$	115,000
	Unamortized discount		(11,531)		(12,401)
	Debt component – net carrying value	$	103,469	$	102,599

The remaining debt discount is being amortized into interest expense over the expected three year remaining life of the 3% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three months ended June 30, 2012 and 2011 was 6.9%. Interest expense related to our 3% Convertible Senior Notes for the three months ended June 30, 2012 and 2011 was as follows (in thousands):

		Three Months Ended
		June 30,
		2012		2011
Contractual coupon interest		$	863	$	863
Amortization of debt discount			870		822
	Total interest expense	$	1,733	$	1,685

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details