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INDEBTEDNESS (Tables)
 9 Months Ended
Dec. 31, 2016
Summary of Debt Outstanding

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

 

 

 

December 31,

 

 

March 31,

 

(In thousands)

 

2016

 

 

2016

 

Term loan

 

$

300,000

 

 

 

300,000

 

Revolving line of credit

 

 

600,000

 

 

 

600,000

 

September 2013 senior unsecured notes

 

 

500,000

 

 

 

500,000

 

August 2011 senior unsecured notes

 

 

165,000

 

 

 

165,000

 

September 2010 senior unsecured notes:

 

 

382,500

 

 

 

382,500

 

May 2015 4.22% notes

 

 

27,421

 

 

 

30,033

 

March 2015 4.21% notes

 

 

25,802

 

 

 

27,030

 

January 2014 3.81% notes

 

 

27,487

 

 

 

30,207

 

May 2012 5.38% notes

 

 

14,791

 

 

 

17,500

 

 

 

$

2,043,001

 

 

 

2,052,270

 

Less: Deferred debt issue costs

 

 

6,941

 

 

 

6,754

 

Total debt

 

$

2,036,060

 

 

 

2,045,516

 

 
Debt Costs

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, 2016 and 2015:

 

 

Quarter Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

(In thousands)

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Interest and debt costs incurred, net of interest capitalized

 

$

18,587

 

 

 

13,312

 

 

 

54,018

 

 

 

39,741

 

Interest costs capitalized

 

 

1,118

 

 

 

2,513

 

 

 

3,612

 

 

 

8,280

 

Total interest and debt costs

 

$

19,705

 

 

 

15,825

 

 

 

57,630

 

 

 

48,021

 

 
Unites States Dollar Denominated Debt  
Summary of Debt Outstanding

The following table contains additional detail for U.S. dollar denominated borrowings outstanding at December 31, 2016 and March 31, 2016:

 

 

 

December 31,

 

 

March 31,

 

(In thousands, except weighted average data)

 

2016

 

 

2016

 

Bank loan agreement:

 

 

 

 

 

 

 

 

Term loan (A)

 

$

300,000

 

 

 

300,000

 

Fair value term loan outstanding (Level 2)

 

 

165,000

 

 

 

300,000

 

Revolving line of credit (A) (B)

 

 

600,000

 

 

 

600,000

 

Fair value revolving line of credit outstanding (Level 2)

 

 

330,000

 

 

 

600,000

 

September 2013 senior unsecured notes:

 

 

 

 

 

 

 

 

Aggregate debt outstanding

 

$

500,000

 

 

 

500,000

 

Weighted average remaining life in years (C)

 

 

6.6

 

 

 

7.4

 

Weighted average coupon rate on notes outstanding

 

 

4.86

%

 

 

4.86

%

Fair value of debt outstanding (Level 2)

 

$

275,000

 

 

 

342,746

 

August 2011 senior unsecured notes:

 

 

 

 

 

 

 

 

Aggregate debt outstanding

 

$

165,000

 

 

 

165,000

 

Weighted average remaining life in years (C)

 

 

3.8

 

 

 

4.6

 

Weighted average coupon rate on notes outstanding

 

 

4.42

%

 

 

4.42

%

Fair value of debt outstanding (Level 2)

 

$

90,750

 

 

 

127,148

 

September 2010 senior unsecured notes:

 

 

 

 

 

 

 

 

Aggregate debt outstanding

 

$

382,500

 

 

 

382,500

 

Weighted average remaining life in years (C)

 

 

3.3

 

 

 

4.1

 

Weighted average coupon rate on notes outstanding

 

 

4.35

%

 

 

4.35

%

Fair value of debt outstanding (Level 2)

 

$

210,375

 

 

 

302,832

 

May 2015 4.22% notes (D):

 

 

 

 

 

 

 

 

Amount outstanding

 

$

27,421

 

 

 

30,033

 

Fair value of debt outstanding (Level 2)

 

 

27,409

 

 

 

30,062

 

March 2015 4.21% notes (D):

 

 

 

 

 

 

 

 

Amount outstanding

 

$

25,802

 

 

 

27,030

 

Fair value of debt outstanding (Level 2)

 

 

25,765

 

 

 

27,027

 

 

 

(A)

The fair value of the term loan and the revolving line of credit approximated their carrying values at March 31, 2016.

 

(B)

The revolver was fully utilized at December 31, 2016 and March 31, 2016, respectively.

 

(C)

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.

 

(D)

  Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity.
Norwegian Kroner (NOK) denominated borrowing  
Summary of Debt Outstanding

The following table contains additional detail for Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2016 and March 31, 2016, and their U.S. dollar equivalents:

 

 

 

December 31,

 

 

March 31,

 

(In thousands)

 

2016

 

 

2016

 

January 2014 3.81% notes (A):

 

 

 

 

 

 

 

 

NOK denominated

 

 

237,500

 

 

 

250,000

 

U.S. dollar equivalent

 

$

27,487

 

 

 

30,207

 

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

 

 

27,442

 

 

 

30,199

 

May 2012 5.38% notes (A):

 

 

 

 

 

 

 

 

NOK denominated

 

 

127,800

 

 

 

144,840

 

U.S. dollar equivalent

 

$

14,791

 

 

 

17,500

 

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

 

 

14,767

 

 

 

17,479

 

 

(A)

Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity.