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INDEBTEDNESS | 3 Months Ended
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Jun. 30, 2015
INDEBTEDNESS |
(5) | INDEBTEDNESS
Senior Notes, Revolving Credit and Term Loan Agreement In May 2015, the company amended and extended its existing credit facility. The amended credit agreement matures in June 2019 and provides for a $900 million, five-year credit facility consisting of a (i) $600 million revolving credit facility and a (ii) $300 million term loan facility. A summary of debt outstanding at June 30, 2015 and March 31, 2015, is as follows:
|  | June 30, |  | March 31,
(In thousands, except weighted average data) |  | 2015 |  |  |  |  | 2015 |  |  |
Credit facility: |  |  |  |  |  |  |  |  |  |  |  |
Term loan agreement (A) |  | $ | 300,000 |  |  |  |  |  | 300,000 |  |  |
Revolving line of credit (A) (B) |  |  | — |  |  |  |  |  | 20,000 |  |  |
September 2013 senior unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |
Aggregate debt outstanding |  | $ | 500,000 |  |  |  |  |  | 500,000 |  |  |
Weighted average remaining life in years |  |  | 8.2 |  |  |  |  |  | 8.4 |  |  |
Weighted average coupon rate on notes outstanding |  |  | 4.86 | % |  |  |  |  | 4.86 | % |  |
Fair value of debt outstanding (Level 2) |  | $ | 531,339 |  |  |  |  |  | 516,879 |  |  |
August 2011 senior unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |
Aggregate debt outstanding |  | $ | 165,000 |  |  |  |  |  | 165,000 |  |  |
Weighted average remaining life in years |  |  | 5.3 |  |  |  |  |  | 5.6 |  |  |
Weighted average coupon rate on notes outstanding |  |  | 4.42 | % |  |  |  |  | 4.42 | % |  |
Fair value of debt outstanding (Level 2) |  | $ | 172,175 |  |  |  |  |  | 167,910 |  |  |
September 2010 senior unsecured notes (C): |  |  |  |  |  |  |  |  |  |  |  |
Aggregate debt outstanding |  | $ | 425,000 |  |  |  |  |  | 425,000 |  |  |
Weighted average remaining life in years |  |  | 4.4 |  |  |  |  |  | 4.6 |  |  |
Weighted average coupon rate on notes outstanding |  |  | 4.25 | % |  |  |  |  | 4.25 | % |  |
Fair value of debt outstanding (Level 2) |  | $ | 440,712 |  |  |  |  |  | 431,296 |  |  |
July 2003 senior unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |
Aggregate debt outstanding |  | $ | 35,000 |  |  |  |  |  | 35,000 |  |  |
Weighted average remaining life in years |  |  | 0.1 |  |  |  |  |  | 0.3 |  |  |
Weighted average coupon rate on notes outstanding |  |  | 4.61 | % |  |  |  |  | 4.61 | % |  |
Fair value of debt outstanding (Level 2) |  | $ | 35,075 |  |  |  |  |  | 35,197 |  |  |
| (A) | Fair values approximate carrying values because the borrowings bear interest at variable rates.
| (B) | $600 million and $580 million were available under the revolver at June 30, 2015 and March 31, 2015, respectively.
| (C) | Principal repayments of approximately $42.5 million due during the twelve months ending June 30, 2016 are classified as long term debt in the accompanying balance sheet at June 30, 2015 because the company has the ability and intent to fund the repayments with borrowings under the credit facility which matures in June 2019.
Other U.S. Dollar Denominated Debt In May 2015, Troms Offshore entered into a $31.3 million, U.S. dollar denominated, 12 year unsecured borrowing agreement which matures in April 2027 and is secured by a company guarantee. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a spread based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.30% for a total rate of 4.22%). A summary of the other U.S. dollar denominated borrowings outstanding at June 30, 2015 and March 31, 2015 are as follows:
|  | June 30, |  | March 31,
(In thousands) |  | 2015 |  |  |  |  | 2015 |  |  |
May 2015 notes: |  |  |  |  |  |  |  |  |  |  |  |
Amount outstanding |  | $ | 31,338 |  |  |  |  |  | — |  |  |
Fair value of debt outstanding (Level 2) |  |  | 31,462 |  |  |  |  |  | — |  |  |
March 2015 notes: |  |  |  |  |  |  |  |  |  |  |  |
Amount outstanding |  | $ | 29,488 |  |  |  |  |  | 29,488 |  |  |
Fair value of debt outstanding (Level 2) |  |  | 29,512 |  |  |  |  |  | 29,501 |  |  |
(A) Notes require semi-annual principal payments. Norwegian Kroner Denominated Debt A summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at June 30, 2015 and March 31, 2015, and their U.S. dollar equivalents are as follows:
|  | June 30, |  | March 31,
(In thousands) |  | 2015 |  |  |  |  | 2015 |  |  |
3.81% January 2014 notes (A): |  |  |  |  |  |  |  |  |  |  |  |
NOK denominated |  |  | 275,000 |  |  |  |  |  | 275,000 |  |  |
U.S. dollar equivalent |  | $ | 35,001 |  |  |  |  |  | 34,234 |  |  |
Fair value in U.S. dollar equivalent (Level 2) |  |  | 34,978 |  |  |  |  |  | 34,226 |  |  |
5.38% May 2012 notes (A): |  |  |  |  |  |  |  |  |  |  |  |
NOK denominated |  |  | 153,360 |  |  |  |  |  | 161,880 |  |  |
U.S. dollar equivalent |  | $ | 19,519 |  |  |  |  |  | 20,152 |  |  |
Fair value in U.S. dollar equivalent (Level 2) |  |  | 19,441 |  |  |  |  |  | 19,924 |  |  |
Variable rate borrowings: |  |  |  |  |  |  |  |  |  |  |  |
June 2013 borrowing agreement (B) |  |  |  |  |  |  |  |  |  |  |  |
NOK denominated |  |  | 25,000 |  |  |  |  |  | 25,000 |  |  |
U.S. dollar equivalent |  | $ | 3,182 |  |  |  |  |  | 3,112 |  |  |
May 2012 borrowing agreement (B) |  |  |  |  |  |  |  |  |  |  |  |
NOK denominated |  |  | — |  |  |  |  |  | 20,000 |  |  |
U.S. dollar equivalent |  | $ | — |  |  |  |  |  | 2,490 |  |  |
(A) Notes require semi-annual principal payments. (B) Fair values approximate carrying values because the borrowings bear interest at variable rates. Debt Costs The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred, net of interest capitalized, for the quarters ended June 30, are as follows:
|  | Quarter Ended June 30, |
(In thousands) |  |  | 2015 |  |  |  | 2014 |
Interest and debt costs incurred, net of interest capitalized |  | $ | 13,182 |  |  |  | 13,129 |
Interest costs capitalized |  |  | 2,944 |  |  |  | 2,872 |
Total interest and debt costs |  | $ | 16,126 |  |  |  | 16,001 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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