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INDEBTEDNESS (Tables) | 9 Months Ended
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Dec. 31, 2015
Summary of Debt Outstanding | The following is a summary of debt outstanding at December 31, 2015 and March 31, 2015:
|  | December 31, |  |  | 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 |  |  | 7.6 |  |  |  | 8.4 |
Weighted average coupon rate on notes outstanding |  |  | 4.86 | % |  |  | 4.86 | %
Fair value of debt outstanding (Level 2) |  | $ | 425,950 |  |  |  | 516,879 |
August 2011 senior unsecured notes: |  |  |  |  |  |  |  |
Aggregate debt outstanding |  | $ | 165,000 |  |  |  | 165,000 |
Weighted average remaining life in years |  |  | 4.8 |  |  |  | 5.6 |
Weighted average coupon rate on notes outstanding |  |  | 4.42 | % |  |  | 4.42 | %
Fair value of debt outstanding (Level 2) |  | $ | 147,081 |  |  |  | 167,910 |
September 2010 senior unsecured notes (C): |  |  |  |  |  |  |  |
Aggregate debt outstanding |  | $ | 382,500 |  |  |  | 425,000 |
Weighted average remaining life in years |  |  | 4.3 |  |  |  | 4.6 |
Weighted average coupon rate on notes outstanding |  |  | 4.35 | % |  |  | 4.25 | %
Fair value of debt outstanding (Level 2) |  | $ | 344,634 |  |  |  | 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 |  | $ | 30,033 |  |  |  | — |
Fair value of debt outstanding (Level 2) |  |  | 30,047 |  |  |  | — |
March 2015 notes (F): |  |  |  |  |  |  |  |
Amount outstanding |  | $ | 28,259 |  |  |  | 29,488 |
Fair value of debt outstanding (Level 2) |  |  | 28,265 |  |  |  | 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 December 31, 2015 and March 31, 2015, respectively.
(C) | Principal repayments of $42.5 million were paid during the quarter ended December 31, 2015.
(D) | Remaining $35 million of borrowings 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 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 the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2015 and March 31, 2015, and their U.S. dollar equivalents:
|  | December 31, |  |  | March 31, |
(In thousands) |  | 2015 |  |  | 2015 |
3.81% January 2014 notes (A): |  |  |  |  |  |  |  |
NOK denominated |  |  | 262,500 |  |  |  | 275,000 |
U.S. dollar equivalent |  | $ | 29,606 |  |  |  | 34,234 |
Fair value in U.S. dollar equivalent (Level 2) |  |  | 29,612 |  |  |  | 34,226 |
5.38% May 2012 notes (A): |  |  |  |  |  |  |  |
NOK denominated |  |  | 144,840 |  |  |  | 161,880 |
U.S. dollar equivalent |  | $ | 16,336 |  |  |  | 20,152 |
Fair value in U.S. dollar equivalent (Level 2) |  |  | 16,329 |  |  |  | 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) (D) |  |  |  |  |  |  |  |
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.
(D) | Note was repaid in May 2015 upon maturity.
Norwegian Kroner (NOK) denominated borrowing |
Summary of Debt Outstanding | The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31
|  | Quarter Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Interest and debt costs incurred, net of interest capitalized |  | $ | 13,312 |  |  |  | 12,239 |  |  |  | 39,741 |  |  |  | 37,927 |
Interest costs capitalized |  |  | 2,513 |  |  |  | 3,638 |  |  |  | 8,280 |  |  |  | 9,920 |
Total interest and debt costs |  | $ | 15,825 |  |  |  | 15,877 |  |  |  | 48,021 |  |  |  | 47,847 |

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