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INDEBTEDNESS (Tables)
 6 Months Ended
Sep. 30, 2015
Summary of Debt Outstanding

The following is a summary of debt outstanding at September 30, 2015 and March 31, 2015:

 

(In thousands, except weighted average data)    September 30,
2015		      March 31,
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

      7.9                 8.4         

Weighted average coupon rate on notes outstanding

      4.86%                 4.86%         

Fair value of debt outstanding (Level 2)

    $ 453,216                 516,879         

August 2011 senior unsecured notes:

      

Aggregate debt outstanding

    $ 165,000                 165,000         

Weighted average remaining life in years

      5.1                 5.6         

Weighted average coupon rate on notes outstanding

      4.42%                 4.42%         

Fair value of debt outstanding (Level 2)

    $ 151,763                 167,910         

September 2010 senior unsecured notes (C):

      

Aggregate debt outstanding

    $ 425,000                 425,000         

Weighted average remaining life in years

      4.1                 4.6         

Weighted average coupon rate on notes outstanding

      4.25%                 4.25%         

Fair value of debt outstanding (Level 2)

    $ 401,182                 431,296         

July 2003 senior unsecured notes (D):

      

Aggregate debt outstanding

    $ ---                 35,000         

Weighted average remaining life in years

      ---                 0.3         

Weighted average coupon rate on notes outstanding

      ---                 4.61%         

Fair value of debt outstanding (Level 2)

    $ ---                 35,197         

May 2015 notes (E) (F):

      

Amount outstanding

    $ 31,338                 ---         

Fair value of debt outstanding (Level 2)

      31,497                 ---         

March 2015 notes (F):

      

Amount outstanding

    $ 28,259                 29,488         

Fair value of debt outstanding (Level 2)

      28,262                 29,501         

 

  

 

  (A)

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

$600 million and $580 million was available under the revolver at September 30, 2015 and March 31, 2015, respectively.
  (C)

Principal repayments of approximately $42.5 million due during the twelve months ending September 30, 2016 are classified as long term debt in the accompanying balance sheet at September 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.
  (D)

Remaining $35 million of borrowings were fully paid in July 2015.
  (E)

In May 2015, a wholly owned subsidiary of the company 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 guarantee by Tidewater Inc. 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%).
  (F)

Notes require semi-annual principal payments.
Debt Costs

The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and six-month periods ended September 30:

 

    

Quarter Ended
September 30,

             Six Months Ended
September 30,		  
(In thousands)    2015              2014                     2015              2014          

 

  

Interest and debt costs incurred, net of interest capitalized

    $ 13,247                 12,559                      26,429                 25,688           

Interest costs capitalized

              2,823                 3,410                      5,767                 6,282           

 

  

Total interest and debt costs

    $ 16,070                 15,969                      32,196                 31,970           

 

  
Norwegian Kroner (NOK) denominated borrowing  
Summary of Debt Outstanding

The following is a summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at September 30, 2015 and March 31, 2015, and their U.S. dollar equivalents:

 

(In thousands)    September 30,
2015		      March 31,
2015		  

 

  

3.81% January 2014 notes (A):

      

NOK denominated

      262,500                 275,000           

U.S. dollar equivalent

    $ 30,792                 34,234           

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

      30,797                 34,226           

5.38% May 2012 notes (A):

      

NOK denominated

              153,360                 161,880           

U.S. dollar equivalent

    $ 17,989                 20,152           

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

      17,995                 19,924           

Variable rate borrowings:

      

June 2013 borrowing agreement (B) (C)

      

NOK denominated

      ---                 25,000           

U.S. dollar equivalent

    $ ---                 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.
  (C)

Remaining note balance was repaid in September 2015. The company recognized a $0.1 million gain on early extinguishment.