Schedule of Debt and Notes Payable |
The following summarizes debt and notes payable:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2019 | | | | | Outstanding | | | | Lines and | | | | | March 31, | | September 30, | | Letters | | Interest | | (in thousands) | 2019 | | 2019 | | Available | | Rate | | Senior secured credit facility: | | | | | | | | | ABL facility (1) | $ | — | | | $ | — | | | $ | 60,000 | | | — | % | (2) | | Senior notes: | | | | | | | | | 8.5% senior secured first lien notes due 2021 (3) | 270,883 | | | 271,870 | | | — | | | 8.5 | % | | 9.875% senior secured second lien notes due 2021 (4) | 627,147 | | | 628,918 | | | — | | | 9.9 | % | | Other long-term debt | 688 | | | 600 | | | — | | | 5.2 | % | (2) | | Notes payable to banks (5) | 428,961 | | | 582,379 | | | 237,226 | | | 7.0 | % | (2) | | Total debt | $ | 1,327,679 | | | $ | 1,483,767 | | | $ | 297,226 | | | | | Short-term | $ | 428,961 | | | $ | 582,389 | | | | | | | Long-term: | | | | | | | | | Current portion of long-term debt | $ | 332 | | | $ | 319 | | | | | | | Long-term debt | 898,386 | | | 901,059 | | | | | | | | $ | 898,718 | | | $ | 901,378 | | | | | | | Letters of credit | $ | 5,399 | | | $ | 6,771 | | | 7,141 | | | | | Total credit available | | | | | $ | 304,367 | | | | | | | | | | | | | | (1) As of September 30, 2019, the full amount of the ABL facility was available. Borrowing is permitted under the ABL facility only to the extent that, after consideration of the application of the proceeds of the borrowing, the Company’s unrestricted cash and cash equivalents would not exceed $180 million. | | | | | | | | | (2) Weighted average rate for the trailing twelve months ended September 30, 2019. | | | | | | | | | (3) Repayment of $271,870 is net of original issue discount of $975 and unamortized debt issuance of $2,154. Total repayment will be $275,000. | | | | | | | | | (4) Repayment of $628,918 is net of original issue discount of $3,820 and unamortized debt issuance of $2,949. Total repayment will be $635,686. | | | | | | | | | (5) Primarily foreign seasonal lines of credit. | | | | | | | | |
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