BANK BORROWINGS AND LONG-TERM DEBT

9 Months Ended

Dec. 31, 2019

Bank borrowings and long-term debt as of December 31, 2019 are as follows:



	As of December 31, 2019			As of March 31, 2019
	(In thousands)
4.625% Notes due February 2020	$	—		$	500,000
Term Loan due November 2021	—			671,563
Term Loan, including current portion, due in installments through June 2022	439,688			458,531
5.000% Notes due February 2023	500,000			500,000
Term Loan due April 2024 - three-month Yen LIBOR plus 0.50%	305,927			—
4.75% Notes due June 2025	597,150			596,815
4.875% Notes due June 2029	662,205			—
India Facilities	133,145			170,206
Other	165,897			168,039
Debt issuance costs	(14,031		)	(10,639		)
	2,789,981			3,054,515
Current portion, net of debt issuance costs	(88,869		)	(632,611		)
Non-current portion	$	2,701,112		$	2,421,904

The weighted-average interest rate for the Company's long-term debt was 4.1% and 4.2% as of December 31, 2019 and March 31, 2019.

During fiscal year 2020, and as further discussed below, the Company entered into a JPY 33.525 billion term loan agreement due April 2024, in addition to issuing $650 million of 4.875% Notes due June 15, 2029. Part of the proceeds obtained were used to repay the outstanding balances of the Company's existing 4.625% Notes due February 2020, and the Term Loan due November 2021. As both transactions were determined to fall under extinguishment accounting, the Company recognized an immaterial loss on extinguishment during the three-month and nine-month periods ended December 31, 2019, which was recorded in interest and other, net on the condensed consolidated statements of operations during the period.

Scheduled repayments of the Company's long-term debt as of December 31, 2019 are as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2020 (1)	$	6,630
2021	99,787
2022	206,041
2023	862,849
2024	60,438
Thereafter	1,568,267
Total	$	2,804,012


(1)	Represents estimated repayments for the remaining three-month period ending March 31, 2020.

Term Loan due April 2024

In April 2019, the Company entered into a JPY 33.525 billion term loan agreement due April 2024, at three-month Yen LIBOR plus 0.50%, which was then swapped to U.S. dollars. The term loan, which is due at maturity and subject to quarterly interest payments, is used to fund general operations and refinance certain other outstanding debts. As the term loan is denominated in Japanese Yen, the debt balance is remeasured to USD at end of each reporting period. Foreign currency contracts have been entered into with respect to this Japanese yen denominated term loan. Refer to note 10 for additional details.

This term loan is unsecured, and contains customary restrictions on the ability of the Company and its subsidiaries to (i) incur certain debt, (ii) make certain investments, (iii) make certain acquisitions of other entities, (iv) incur liens, (v) dispose of assets, (vi) make non-cash distributions to shareholders, and (vii) engage in transactions with affiliates. These covenants are

subject to a number of exceptions and limitations. This term loan agreement also requires that the Company maintain a maximum ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization), and a minimum interest coverage ratio, as defined therein, during its term. As of December 31, 2019, the Company was in compliance with the covenants under this term loan agreement.

Notes due June 2029

In June 2019, the Company issued $450 million of 4.875% Notes due June 15, 2029 (the “Existing 2029 Notes”), at 99.607% of face value. In November 2019, as a further issuance of the Existing 2029 Notes, the Company issued under the same terms, an additional $200 million of 4.875% Notes due June 15, 2029 (together with the "Existing 2029 Notes" above, the "2029 Notes"), at 107.289% of face value. Immediately after the issuance of the notes issued in November 2019, the Company has $650 million aggregate principal amount of 4.875% Notes due 2029 outstanding. The Company received in aggregate, proceeds of approximately $662.8 million, net of discount and premium, from the issuances which were used, together with available cash, to refinance certain other outstanding debt. The Company incurred and capitalized as a direct reduction to the carrying amount of the notes presented on the balance sheet approximately $6.6 million of costs in conjunction with the issuance of the 2029 Notes.

Interest on the 2029 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2019. The 2029 Notes are senior unsecured obligations of the Company and rank equally with all of the Company’s other existing and future senior and unsecured indebtedness.

The Indenture governing the 2029 Notes contains covenants that, among other things, restrict the ability of the Company and certain of the Company's subsidiaries to create liens; enter into sale-leaseback transactions; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's assets to, another person, or permit any other person to consolidate, merge, combine or amalgamate with or into the Company. These covenants are subject to a number of significant limitations and exceptions set forth in the indenture. The indenture also provides for customary events of default, including, but not limited to, cross defaults to certain specified other debt of the Company and its subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding 2029 Notes will become due and payable immediately without further action or notice. If any other event of default under the indenture occurs or is continuing, the trustee or holders of at least 25% in aggregate principal amount of the then outstanding 2029 Notes may declare all of the 2029 Notes to be due and payable immediately, but upon certain conditions such declaration and its consequences may be rescinded and annulled by the holders of a majority in principal amount of the 2029 Notes. As of December 31, 2019, the Company was in compliance with the covenants in the indenture governing the 2029 Notes.