Note 9 - Borrowing Arrangements	9 Months Ended
Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	9. Borrowing Arrangements Bank of the West On December 6, 2013, we entered into an Amended and Restated Credit Agreement with Bank of the West, or BOTW, for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement were due and payable on November 30, 2015. On November 20, 2015, we entered into a Revolving Credit Agreement with a syndicate of banks for a revolving line of credit of $125.0 million. The agent for the banks is BOTW. The obligations are guaranteed by four of our subsidiaries. The loan is collateralized by a Contingent Collateral Agreement, under which the assets of the parent company and the four subsidiaries could be subject to security interests for the benefit of the banks in the event of a loan default. The Revolving Credit Agreement expires on November 20, 2017. The credit agreement provides different interest rate alternatives under which we may borrow funds. We may elect to borrow based on LIBOR plus a margin or an alternative base rate plus a margin. The margin can range from 0.75% to 2.5%, depending on interest rate alternatives and on our leverage of liabilities to effective tangible net worth. The applicable interest rate as of December 31, 2015 was 2.42%. An unused commitment fee is also payable. It ranges from 0.25% to 0.625% annually, depending on leverage. The terms of the facility impose restrictions on the Company’s ability to undertake certain transactions, to create liens on assets and to incur subsidiary indebtedness. In addition, the credit agreement is subject to a set of financial covenants, including minimum effective tangible net worth, the ratio of cash, cash equivalents and accounts receivable to current liabilities, profitability, a leverage ratio and a minimum amount of U.S. domestic cash on hand. At December 31, 2015, we complied with all of these financial covenants. As of December 31, 2015, we borrowed $80.0 million under this credit facility and repaid the outstanding principal balance from the previous agreement of $45 million. In relation to the execution of the credit agreement, we incurred loan costs of $371,000. Those costs were deferred as debt issuance costs and amortized over the two-year life of the credit agreement. As of December 31, 2015, $21,000 was recognized as interest expense and the unamortized balance of the debt issuance costs was $350,000. The debt issuance costs are presented in the balance sheet as a direct deduction from the debt liability rather than as an asset in our financial statements. The credit agreement also includes a $10.0 million letter of credit subfacility. See Note 16, “Commitments and Contingencies” for further information regarding the terms of the subfacility. IKB Deutsche Industriebank On June 10, 2005, IXYS Semiconductor GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB Deutsche Industriebank, or IKB. At March 31, 2015, the outstanding principal balance was €3.5 million, or about $3.8 million. In April 2015, we replaced the loan with a new loan from IKB. Under the new agreement, we borrowed €6.5 million, or about $7.0 million at the time. The loan has a term ending March 31, 2022 and bears a fixed annual interest rate of 1.75%. Each fiscal quarter a principal payment of €232,000, or about $253,000, and a payment of accrued interest are required. Financial covenants for a ratio of indebtedness to cash flow, a ratio of equity to total assets and a minimum stockholders’ equity for the German subsidiary must be satisfied for the loan to remain in good standing. The loan may be prepaid in whole or in part with a modest penalty. The loan is collateralized by a security interest in the facility in Lampertheim, Germany. At December 31, 2015, the outstanding principal balance was €5.8 million, or about $6.3 million, and we complied with all of these financial covenants. Loans Assumed from Business Acquisitions We assumed loans of approximately $2.4 million related to the acquisition of RadioPulse. These loans are primarily short-term facilities from financial institutions and carry a weighted average interest rate of 4.9%. The loans are repayable on or before April 1, 2016. The facilities have been partially secured by bank deposits, which are classified as restricted cash on our unaudited condensed consolidated balance sheets. The outstanding principal on these loans was $1.7 million as of December 31, 2015. We assumed loans of approximately $723,000 related to an acquisition completed during the quarter ended June 30, 2014. The assumed borrowings were non-interest bearing loans from government agencies to support the research and development activities with maturity dates varying from fiscal 2017 to fiscal 2021, other than a loan of $99,000 that we paid off during the quarter ended September 30, 2014.

Borrowing Arrangements

Bank of the West

On December 6, 2013, we entered into an Amended and Restated Credit Agreement with Bank of the West, or BOTW, for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement were due and payable on November 30, 2015.

November 20, 2015, we entered into a Revolving Credit Agreement with a syndicate of banks for a revolving line of credit of $125.0 million. The agent for the banks is BOTW.

The obligations are guaranteed by four of our subsidiaries.

The loan is collateralized by a Contingent Collateral Agreement, under which the assets of the parent company and the four subsidiaries could be subject to security interests for the benefit of the banks in the event of a loan default.

The Revolving Credit Agreement expires on November 20, 2017.

The credit agreement provides different interest rate alternatives under which we may borrow funds. We may elect to borrow based on LIBOR plus a margin or an alternative base rate plus a margin. The margin can range from 0.75% to 2.5%, depending on interest rate alternatives and on our leverage of liabilities to effective tangible net worth. The applicable interest rate as of December 31, 2015 was 2.42%. An unused commitment fee is also payable. It ranges from 0.25% to 0.625% annually, depending on leverage.

The terms of the facility impose restrictions on the Company’s ability to undertake certain transactions, to create liens on assets and to incur subsidiary indebtedness. In addition,

the credit agreement is subject to a set of financial covenants, including minimum effective tangible net worth, the ratio of cash, cash equivalents and accounts receivable to current liabilities, profitability, a leverage ratio and a minimum amount of U.S. domestic cash on hand. At December 31, 2015, we complied with all of these financial covenants.

As of December 31, 2015, we borrowed $80.0 million under this credit facility and repaid

the outstanding principal balance from the previous agreement of $45 million.

In relation to the execution of the credit agreement, we incurred loan costs of $371,000. Those costs were deferred as debt issuance costs and amortized over the two-year life of the credit agreement. As of December 31, 2015, $21,000 was recognized as interest expense and the unamortized balance of the debt issuance costs was $350,000.

The debt issuance costs are presented in the balance sheet as a direct deduction from the debt liability rather than as an asset in our financial statements.

The credit agreement also includes a $10.0 million letter of credit subfacility. See Note 16, “Commitments and Contingencies” for further information regarding the terms of the subfacility.

IKB Deutsche Industriebank

On June 10, 2005, IXYS Semiconductor GmbH, our German subsidiary, borrowed €10.0 million, or about $12.2 million at the time, from IKB Deutsche Industriebank, or IKB. At March 31, 2015, the outstanding principal balance was €3.5 million, or about $3.8 million.

In April 2015, we replaced the loan with a new loan from IKB. Under the new agreement, we borrowed €6.5 million, or about $7.0 million at the time. The loan has a term ending March 31, 2022 and bears a fixed annual interest rate of 1.75%. Each fiscal quarter a principal payment of €232,000, or about $253,000, and a payment of accrued interest are required. Financial covenants for a ratio of indebtedness to cash flow, a ratio of equity to total assets and a minimum stockholders’ equity for the German subsidiary must be satisfied for the loan to remain in good standing. The loan may be prepaid in whole or in part with a modest penalty. The loan is collateralized by a security interest in the facility in Lampertheim, Germany. At December 31, 2015, the outstanding principal balance was €5.8 million, or about $6.3 million, and we complied with all of these financial covenants.

Loans Assumed from Business Acquisitions

We assumed loans of approximately $2.4 million related to the acquisition of RadioPulse. These loans are primarily short-term facilities from financial institutions and carry a weighted average interest rate of 4.9%. The loans are repayable on or before April 1, 2016. The facilities have been partially secured by bank deposits, which are classified as restricted cash on our unaudited condensed consolidated balance sheets. The outstanding principal on these loans was $1.7 million as of December 31, 2015.

We assumed loans of approximately $723,000 related to an acquisition completed during the quarter ended June 30, 2014. The assumed borrowings were non-interest bearing loans from government agencies to support the research and development activities with maturity dates varying from fiscal 2017 to fiscal 2021, other than a loan of $99,000 that we paid off during the quarter ended September 30, 2014.