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INDEBTEDNESS (Tables)
 3 Months Ended
Jun. 30, 2016
Summary of Debt Outstanding

The following is a summary of debt outstanding at June 30, 2016 and March 31, 2016:

 

 

 

June 30,

 

 

March 31,

 

(In thousands, except weighted average data)

 

2016

 

 

2016

 

Credit facility:

 

 

 

 

 

 

 

 

Term loan agreement (A)

 

$

300,000

 

 

 

300,000

 

Revolving line of credit (B) (C)

 

 

600,000

 

 

 

600,000

 

September 2013 senior unsecured notes:

 

 

 

 

 

 

 

 

Aggregate debt outstanding

 

$

500,000

 

 

 

500,000

 

Weighted average remaining life in years (E)

 

 

7.2

 

 

 

7.4

 

Weighted average coupon rate on notes outstanding

 

 

4.86

%

 

 

4.86

%

Fair value of debt outstanding (Level 2)

 

$

274,187

 

 

 

342,746

 

August 2011 senior unsecured notes:

 

 

 

 

 

 

 

 

Aggregate debt outstanding

 

$

165,000

 

 

 

165,000

 

Weighted average remaining life in years (E)

 

 

4.3

 

 

 

4.6

 

Weighted average coupon rate on notes outstanding

 

 

4.42

%

 

 

4.42

%

Fair value of debt outstanding (Level 2)

 

$

108,620

 

 

 

127,148

 

September 2010 senior unsecured notes:

 

 

 

 

 

 

 

 

Aggregate debt outstanding

 

$

382,500

 

 

 

382,500

 

Weighted average remaining life in years (E)

 

 

3.8

 

 

 

4.1

 

Weighted average coupon rate on notes outstanding

 

 

4.35

%

 

 

4.35

%

Fair value of debt outstanding (Level 2)

 

$

264,479

 

 

 

302,832

 

May 2015 notes (D):

 

 

 

 

 

 

 

 

Amount outstanding

 

$

28,727

 

 

 

30,033

 

Fair value of debt outstanding (Level 2)

 

 

26,811

 

 

 

30,062

 

March 2015 notes (D):

 

 

 

 

 

 

 

 

Amount outstanding

 

$

27,030

 

 

 

27,030

 

Fair value of debt outstanding (Level 2)

 

 

25,266

 

 

 

27,027

 

 

(A)  

The fair value of the term loan agreement was $287.5 million at June 30, 2016 and approximated its carrying value at March 31, 2016.  

(B)

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

(C) The revolver was fully utilized at June 30, 2016 and March 31, 2016, respectively. 

(D)

Notes require semi-annual principal payments.

(E)    Weighted average remaining life in years is based on stated maturities; however, all of the company’s indebtedness has been reclassified as current since March 31, 2016.
Debt Costs

The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters ended June 30, are as follows:

 

 

 

Quarter Ended

 

 

 

June 30,

 

(In thousands)

 

2016

 

 

2015

 

Interest and debt costs incurred, net of interest capitalized

 

$

16,954

 

 

 

13,182

 

Interest costs capitalized

 

 

1,393

 

 

 

2,944

 

Total interest and debt costs

 

$

18,347

 

 

 

16,126

 

 
Norwegian Kroner (NOK) denominated borrowing  
Summary of Debt Outstanding

The following is a summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at June 30, 2016 and March 31, 2016, and their U.S. dollar equivalents:

 

 

 

June 30,

 

 

March 31,

 

(In thousands)

 

2016

 

 

2016

 

3.81% January 2014 notes (A):

 

 

 

 

 

 

 

 

NOK denominated

 

 

250,000

 

 

 

250,000

 

U.S. dollar equivalent

 

$

29,879

 

 

 

30,207

 

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

 

 

29,846

 

 

 

30,199

 

5.38% May 2012 notes (A):

 

 

 

 

 

 

 

 

NOK denominated

 

 

136,320

 

 

 

144,840

 

U.S. dollar equivalent

 

$

16,293

 

 

 

17,500

 

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

 

 

16,276

 

 

 

17,479

 

 

(A)

Notes require semi-annual principal payments.