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Indebtedness (Tables)
 9 Months Ended
Dec. 31, 2014
Summary of Debt Outstanding

A summary of debt outstanding at December 31, 2014 and March 31, 2014, are as follows:

 

     December 31,    March 31,      
(In thousands, except weighted average data)   

2014

          

2014

    

    

Credit facility:

          

Term loan agreement (A)

    $ 300,000           300,000     

Revolving line of credit (A) (B)

      —           —     

September 2013 senior unsecured notes:

          

Aggregate debt outstanding

    $ 500,000           500,000     

Weighted average remaining life in years

      8.6           9.4     

Weighted average coupon rate on notes outstanding

      4.86 %         4.86 %   

Fair value of debt outstanding (Level 2)

    $ 495,387           520,979     

August 2011 senior unsecured notes:

          

Aggregate debt outstanding

    $ 165,000           165,000     

Weighted average remaining life in years

      5.8           6.6     

Weighted average coupon rate on notes outstanding

      4.42 %         4.42 %   

Fair value of debt outstanding (Level 2)

    $ 162,541           168,653     

September 2010 senior unsecured notes:

          

Aggregate debt outstanding

    $ 425,000           425,000     

Weighted average remaining life in years

      4.9           5.6     

Weighted average coupon rate on notes outstanding

      4.25 %         4.25 %   

Fair value of debt outstanding (Level 2)

    $ 419,769           436,264     

July 2003 senior unsecured notes:

          

Aggregate debt outstanding

    $ 35,000           35,000     

Weighted average remaining life in years

      0.6           1.3     

Weighted average coupon rate on notes outstanding

      4.61 %         4.61 %   

Fair value of debt outstanding (Level 2)

    $ 35,256             36,018       

(A) Fair values approximate carrying values because the borrowings bear interest at variable rates.

(B) $600 million was available under the revolver at December 31, 2014 and March 31, 2014.
Debt Costs

Interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31, are as follows:

 

    

Quarter Ended

December 31,

     

Nine Months Ended

December 31,

  
  

 

 

     

 

 

  

(In thousands)

      2014         2013         2014         2013   

Interest and debt costs incurred, net of interest capitalized

    $ 12,239         12,250         37,927         31,081   

Interest costs capitalized

      3,638         2,643         9,920         8,241   

Total interest and debt costs

    $ 15,877         14,893         47,847         39,322   
                                     
Norwegian Kroner (NOK) Denominated Borrowings  
Summary of Debt Outstanding

A summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2014 and March 31, 2014, and their U.S. dollar equivalents are as follows:

 

     December 31,    March 31,       
(In thousands)   

2014

           

2014

     

    

3.81% January 2014 notes:

            

NOK denominated

      287,500            300,000      

U.S. dollar equivalent

    $ 38,575            50,028      

Fair value in U.S. dollar equivalent (Level 2)

      38,581            50,044      

5.38% May 2012 notes:

            

NOK denominated

      161,880            178,920      

U.S. dollar equivalent

    $ 21,720            29,867      

Fair value in U.S. dollar equivalent (Level 2)

      21,634            29,588      

Variable rate borrowings:

            

June 2013 borrowing agreement (C)

            

NOK denominated

      25,000            25,000      

U.S. dollar equivalent

    $ 3,354            4,168      

May 2012 borrowing agreement (C)

            

NOK denominated

      20,000            35,000      

U.S. dollar equivalent

    $ 2,683              5,837        

(C) Fair values approximate carrying values because the borrowings bear interest at variable rates.