Bank Borrowings, Long-Term Debt & Capital Lease Obligations

6 Months Ended

Sep. 30, 2011

Bank Borrowings, Long-Term Debt & Capital Lease Obligations [Abstract]

Bank Borrowings, Long-Term Debt & Capital Lease Obligations

6. BANK BORROWINGS, LONG-TERM DEBT & CAPITAL LEASE OBLIGATIONS

On October 19, 2011, the Company entered into a five-year $2.0 billion credit facility ("New Credit Facility") consisting of a $1.5 billion revolving credit facility ("New Revolving Credit Facility") and a $500 million term loan facility ("New Term Loan Facility"), which expires in October 2016.  The New Revolving Credit Facility replaces the Company's existing $2.0 billion revolving credit facility. The New Term Loan Facility refinances one tranche of the Company's existing $1.7 billion Term Loan Agreement dated October 1, 2007 ("2007 Term Loan Agreement") that was scheduled to mature in October 2012.  As of September 30, 2011, $480.0 million was outstanding under this tranche. Borrowings under the New Credit Facility bear interest, at the Company's option, either at (i) LIBOR plus the applicable margin for LIBOR loans ranging between 1.25% and 2.25%, based on the Company's credit ratings or (ii) the base rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00%) plus the applicable rate ranging from 0.25% to 1.25%, based on the Company's credit rating. The Company is required to pay a quarterly commitment fee ranging from 0.20% to 0.45% per annum on the daily unused amount of the New Credit Facility based on the Company's credit rating. The Company is also required to pay letter of credit usage fees ranging between 1.25% and 2.25% per annum (based on the Company's credit rating) on the amount of the daily average outstanding letters of credit and a fronting fee of 0.125% per annum of the amount available to be drawn under such letters of credit. The following table presents scheduled repayments under the New Term Loan Facility by fiscal year:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2012	$                   12,500
2013	25,000
2014	31,250
2015	37,500
2016	37,500
2017	356,250
Total	$                 500,000

The New Credit Facility is unsecured, and contains customary restrictions on the Company's and its subsidiaries' ability 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 significant exceptions and limitations. The New Credit Facility 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. 

The Company was in compliance with the covenants under each of its debt facilities existing as at September 30, 2011.