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INDEBTEDNESS (Tables)
 6 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Summary of Debt Outstanding

The following is a summary of all debt outstanding at September 30, 2017 and March 31, 2017:

 

 

 

Successor

 

 

 

Predecessor

 

 

 

September 30,

 

 

 

March 31,

 

(In thousands)

 

2017

 

 

 

2017

 

Term loan (A)

 

$

—

 

 

 

 

300,000

 

Revolving line of credit (A) (B)

 

 

—

 

 

 

 

600,000

 

September 2013 senior unsecured notes (A)

 

 

—

 

 

 

 

500,000

 

August 2011 senior unsecured notes (A)

 

 

—

 

 

 

 

165,000

 

September 2010 senior unsecured notes (A)

 

 

—

 

 

 

 

382,500

 

New secured notes (A)

 

 

350,000

 

 

 

 

—

 

New secured notes - premium

 

 

14,987

 

 

 

 

—

 

Troms Offshore borrowings:

 

 

 

 

 

 

 

 

 

May 2015 notes (C)

 

 

26,115

 

 

 

 

27,421

 

May 2015 notes - discount

 

 

(1,927

)

 

 

 

—

 

March 2015 notes (C)

 

 

23,345

 

 

 

 

24,573

 

March 2015 notes - discount

 

 

(1,755

)

 

 

 

—

 

January 2014 notes (C) (D)

 

 

26,687

 

 

 

 

26,167

 

January 2014 notes - discount

 

 

(1,707

)

 

 

 

—

 

May 2012 notes (C) (D)

 

 

14,980

 

 

 

 

14,864

 

May 2012 notes - premium

 

 

126

 

 

 

 

—

 

 

 

 

450,851

 

 

 

 

2,040,525

 

Less: Deferred debt issue costs

 

 

—

 

 

 

 

6,401

 

Less: Current portion of long-term debt

 

 

5,174

 

 

 

 

2,034,124

 

Total long-term debt

 

$

445,677

 

 

 

 

—

 

 

(A)  

As of September 30, 2017 the fair value (Level 2) of the New Secured Notes was $357.7 million. As of March 31, 2017 the aggregate fair value (Level 2) of the term loan, revolver and senior notes was $1.1 billion.   

 

(B)

The revolver was fully drawn at March 31, 2017.

 

(C)

Notes require semi-annual principal and interest payments.  As of September 30, 2017 and March 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $90.9 million and $92.9 million, respectively.

 

(D)

Notes are denominated in Norwegian kroner (NOK)
Debt Costs

The following is a summary of interest and debt costs incurred, net of interest capitalized:

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Period from

 

 

 

Period from

 

 

 

 

 

 

 

August 1, 2017

 

 

 

July 1, 2017

 

 

Three Months

 

 

 

through

 

 

 

through

 

 

Ended

 

(In thousands)

 

September 30, 2017

 

 

 

July 31, 2017

 

 

September 30, 2016

 

Interest and debt costs incurred, net of interest capitalized

 

$

5,240

 

 

 

 

574

 

 

 

18,477

 

Interest costs capitalized

 

 

—

 

 

 

 

—

 

 

 

1,101

 

Total interest and debt costs

 

$

5,240

 

 

 

 

574

 

 

 

19,578

 

 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Period from

 

 

 

Period from

 

 

 

 

 

 

 

August 1, 2017

 

 

 

April 1, 2017

 

 

Six Months

 

 

 

through

 

 

 

through

 

 

Ended

 

(In thousands)

 

September 30, 2017

 

 

 

July 31, 2017

 

 

September 30, 2016

 

Interest and debt costs incurred, net of interest capitalized

 

$

5,240

 

 

 

 

11,179

 

 

 

35,431

 

Interest costs capitalized

 

 

—

 

 

 

 

—

 

 

 

2,494

 

Total interest and debt costs

 

$

5,240

 

 

 

 

11,179

 

 

 

37,925