Bank Borrowings, Long-Term Debt & Capital Lease Obligations

9 Months Ended

Dec. 31, 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 replaced the Company's previous $2.0 billion revolving credit facility, which was due to expire in May 2012. The New Term Loan Facility refinanced one tranche of the Company's $1.7 billion Term Loan Agreement dated October 1, 2007 that was scheduled to mature in October 2012. 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 an applicable margin ranging between 0.25% and 1.25% (based on the Company's credit rating). The Company is required to pay a quarterly commitment fee ranging between 0.20% and 0.45% per annum on the daily unused amount of the New Revolving Credit Facility based on the Company's credit rating. The following table presents remaining scheduled repayments under the New Term Loan Facility by fiscal year:

Fiscal Year Ending March 31,		Amount
		(In thousands)
2012	$	6,250
2013		25,000
2014		31,250
2015		37,500
2016		37,500
2017		356,250
Total	$	493,750

     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 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 December 31, 2011.