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DEBT FACILITIES | 12 Months Ended
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Mar. 31, 2019
Debt and Financing Obligations [Abstract] |
DEBT FACILITIES | DEBT FACILITIES Long-term debt, net of transaction costs is as follows:
(amounts in millions) |  | 2019 |  |  | 2018 |
Total recourse debt | $ | 2,275.3 |  | $ | 1,174.9 |
Total non-recourse debt (1) |  | 53.0 |  |  | 86.0 |
Total long-term debt | $ | 2,328.3 |  | $ | 1,260.9 |
Less: current portion of long-term debt |  | 201.3 |  |  | 35.2 |
Less: current portion of finance leases |  | 62.8 |  |  | 17.0 |
| $ | 2,064.2 |  | $ | 1,208.7 |
(1) Non-recourse debt is a debt in a subsidiary for which recourse is limited to the assets and undertaking of such subsidiary and not CAE Inc.
Details of the recourse debt are as follows:
|  | 2019 |  |  | 2018 |
Unsecured senior notes of US$450.0 (2018 – nil), maturing between March 2029 and March 2034, interest rates ranging from 4.47% and 4.72% (i) | $ | 598.2 |  | $ | — |
Unsecured senior notes of $125.0 (2018 - $125.0) and US$225.0 (2018 – US$225.0) maturing between December 2019 and December 2027, floating interest rates based on bankers’ acceptances rate plus a spread on $50.0 million and interest rates ranging from 3.59% and 4.15% for remaining $75.0 and US$225.0 |  | 424.6 |  |  | 415.0 |
Unsecured senior notes of US$200.0 (2018 – US$150.0) maturing between August 2026 and March 2033 (2018 – August 2021 and August 2026), average blended rate of 4.44% (ii) |  | 265.3 |  |  | 193.4 |
Unsecured senior notes of US$60.0 (2018 – US$60.0) maturing in June 2019, interest rate of 7.66% |  | 80.1 |  |  | 75.7 |
Obligations under finance lease, with various maturities from September 2019 to October 2036, interest rates from 3.54% to 10.68% |  | 259.3 |  |  | 145.4 |
R&D obligation from a government agency maturing in July 2029 (iii) |  | 174.2 |  |  | 167.7 |
R&D obligation from a government agency maturing in July 2035 (iv) |  | 153.7 |  |  | 132.6 |
R&D obligation from a government agency maturing in April 2039 (v) |  | 14.6 |  |  | — |
R&D obligation from a government agency maturing in September 2028 (vi) |  | 6.0 |  |  | — |
Term loan of US$150.0 (2018 – nil), maturing between March 2021 and March 2024, floating interest of LIBOR plus a spread |  | 199.0 |  |  | — |
Term loan maturing in April 2028, floating interest rate of CDOR plus a spread |  | 51.9 |  |  | — |
Other debts |  | 48.4 |  |  | 45.1 |
Total recourse debt, net amount | $ | 2,275.3 |  | $ | 1,174.9 |
(i) | In December 2018, the Company entered into an agreement to issue a series of unsecured senior notes of US$550.0 million. As at March 31, 2019, the Company has issued notes for US$450.0 million and will issue an additional US$100.0 million in fiscal 2020 for the refinancing of existing debt in December 2019;
(ii) | On March 27, 2019, the Company entered into an agreement to refinance a portion of its unsecured senior notes due August 2021. The unsecured senior notes of US$100.0 million were increased to a total amount of US$150.0 million, and their maturity date extended from August 2021 to March 2033;
(iii) | Represents an interest-bearing long-term obligation with the Government of Canada relative to Project Falcon, an R&D program that ended in fiscal 2014, for a maximum amount of $250.0 million. The discounted value of the debt recognized amounted to $174.2 million as at March 31, 2019 (2018 – $167.7 million);
(iv) | Represents an interest-bearing long-term obligation with the Government of Canada relative to Project Innovate, an R&D program announced in fiscal 2014 and extending over five and a half years, for a maximum amount of $250.0 million. The aggregate amount recognized in fiscal 2019 was $250.0 million (2018 – $226.5 million). The discounted value of the debt recognized amounted to $153.7 million as at March 31, 2019 (2018 – $132.6 million);
(v) | Represents an interest-free long-term obligation with the Government of Canada relative to R&D programs announced in fiscal 2019 and extending over five years, for a maximum amount of $150.0 million. The aggregate amount recognized in fiscal 2019 was $36.9 million (2018 – nil). The discounted value of the debt recognized amounted to $14.6 million (2018 – nil);
(vi) | Represents an interest-free long-term obligation with the Government of Quebec relative to R&D programs announced in fiscal 2019 and extending over five years, for a maximum amount of $47.5 million. The aggregate amount recognized in fiscal 2019 was $10.9 million (2018 – nil). The discounted value of the debt recognized amounted to $6.0 million (2018 – nil).
Revolving credit facility The Company has access to a revolving unsecured term credit facility maturing in September 2023. The available facility amount is US $550.0 million with an option, subject to the lender’s consent, to increase to a total amount of up to US $850.0 million. The facility has covenants requiring a minimum fixed charge coverage and a maximum debt coverage. The applicable interest rate on this revolving credit facility is variable, based on the bank’s prime rate, bankers’ acceptance rates or LIBOR plus a spread which depends on the credit rating assigned by Standard & Poor’s Rating Services. As at March 31, 2019 and 2018, the Company had no outstanding borrowings under its revolving credit facility. Details of the non-recourse debt are as follows:
|  | 2019 |  |  | 2018 |
Term loan of US$39.9 (2018 – US$43.5) maturing in March 2028, interest rate of LIBOR plus 2.50% (i) | $ | 53.0 |  | $ | 55.8 |
Term loans repaid during fiscal 2019 (2018 – US$22.3), floating interest rate of LIBOR plus a fixed spread |  | — |  |  | 28.9 |
Term loan matured in April 2018 (2018 – £0.7), interest rate of 13.50% |  | — |  |  | 1.3 |
Total non-recourse debt, net amount | $ | 53.0 |  | $ | 86.0 |
(i) Represents collateralized non-recourse financing for a term loan to finance a training centre in Brunei. The subsidiary may also avail an additional amount of up to US $12.0 million in the form of letters of credit. Payments required to meet the retirement provisions of the long-term debt are as follows:
|  | 2019 |  |  | 2018 |
No later than 1 year | $ | 202.0 |  | $ | 35.6 |
Later than 1 year and no later than 5 years |  | 414.0 |  |  | 450.2 |
Later than 5 years |  | 1,460.1 |  |  | 631.7 |
Total payments required | $ | 2,076.1 |  | $ | 1,117.5 |
Less: transaction costs |  | (7.1 | ) |  | (2.0 | )
| $ | 2,069.0 |  | $ | 1,115.5 |
Information on the change in liabilities for which cash flows have been classified as financing activities in the statement of cash flows is presented below.
|  | Revolving |  |  |  |  |  |  |
| Unsecured Credit |  |  | Long-term |  |  | Finance |  |  |
|  | Facilities |  |  | debt |  |  | Leases |  |  | Total |
Balance at beginning of year | $ | — |  | $ | 1,115.5 |  | $ | 145.4 |  | $ | 1,260.9 |
Changes from financing cash flows |  |  |  |  |  |  |  |
Proceeds, net of transaction costs |  | 749.0 |  |  | 955.3 |  |  | — |  |  | 1,704.3 |
Repayments |  | (749.0 | ) |  | (72.7 | ) |  | (22.0 | ) |  | (843.7 | )
Total changes from financing cash flows | $ | — |  | $ | 882.6 |  | $ | (22.0 | ) | $ | 860.6 |
Additions through acquisition of subsidiaries (Note 3) |  | — |  |  | 15.2 |  |  | 137.6 |  |  | 152.8 |
Non-cash changes: |  |  |  |  |  |  |  |
Effect of foreign currency exchange differences |  | — |  |  | 24.3 |  |  | 5.0 |  |  | 29.3 |
Interests |  | — |  |  | 13.8 |  |  | 0.8 |  |  | 14.6 |
Others |  | — |  |  | 17.6 |  |  | (7.5 | ) |  | 10.1 |
Total non-cash changes | $ | — |  | $ | 55.7 |  | $ | (1.7 | ) | $ | 54.0 |
Balance at end of year | $ | — |  | $ | 2,069.0 |  | $ | 259.3 |  | $ | 2,328.3 |
The present value of the obligations under finance lease are as follows:
|  | 2019 |  |  | 2018 |
Gross future minimum lease payments | $ | 308.0 |  | $ | 201.8 |
Less: future finance charges on finance leases |  | 48.7 |  |  | 47.2 |
Less: discounted guaranteed residual values of leased assets |  | — |  |  | 9.2 |
Present value of future minimum lease payments | $ | 259.3 |  | $ | 145.4 |
The future minimum lease payments of the obligations under finance lease are as follows:
|  |  |  | 2019 |  |  |  |  |  | 2018 |
| Gross future |  | Present value of |  | Gross future |  | Present value of |
| minimum lease |  | future minimum |  | minimum lease |  | future minimum |
| payments |  | lease payments |  | payments |  | lease payments |
No later than 1 year | $ | 73.5 |  | $ | 62.8 |  | $ | 25.8 |  | $ | 17.0 |
Later than 1 year and no later than 5 years |  | 181.6 |  |  | 161.2 |  |  | 105.8 |  |  | 81.0 |
Later than 5 years |  | 52.9 |  |  | 35.3 |  |  | 70.2 |  |  | 47.4 |
| $ | 308.0 |  | $ | 259.3 |  | $ | 201.8 |  | $ | 145.4 |
As at March 31, 2019, the Company is in compliance with all of its financial covenants.

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