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Notes Payable and Long Term Debt
6 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Notes Payable and Long Term Debt
Notes Payable and Long Term Debt
 
At September 30, 2014, the Company had outstanding borrowings of $146,000 under the Amended and Restated Credit Agreement and outstanding letters of credit of approximately $100.  As a result, the unused balance under the Amended and Restated Credit Agreement was approximately $253,900 at September 30, 2014.  After applying the asset coverage ratio and adjusted leverage ratio, the amount available to borrow at September 30, 2014 was approximately $231,200. Subsequent to September 30, 2014, the Company borrowed $49,000 and repaid $13,000 resulting in a total outstanding balance of $182,000 under the Amended and Restated Credit Agreement through November 10, 2014.

At September 30, 2014, the Company had approximately $8,100 of outstanding borrowings under the China Credit Facility. Interest is based on the People’s Bank of China rate, which was 6.0% at September 30, 2014. Subsequent to September 30, 2014, the Company repaid approximately $3,200, resulting in a total outstanding balance of approximately $4,900 under the China Credit Agreement through November 10, 2014.

In July 2014, the Company obtained a mortgage secured by its corporate headquarters property for approximately $33,900.  At September 30, 2014 the outstanding balance under the mortgage was approximately $33,900. The mortgage has a fixed interest rate of 4.928%.  Payments include interest and principal in an amount that will amortize the principal balance over a 30 year period.  Minimum principal payments over the next 5 years are approximately $2,700. The loan will mature and have a balloon payment due in 15 years of approximately $23,400.  The mortgage contains financial covenants which include:  the asset coverage ratio must be greater than 1.10 to 1.00; the sum of the consolidated annual earnings before interest, taxes, depreciation, and amortization (EBITDA) and annual rental expense, divided by the sum of the annual interest expense and the annual rental expense must be greater than 2.25 to 1.00; and other customary limitations.