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Subsequent events
12 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent events Subsequent events
On April 30, 2021, the Company amended and restated the 2016 Credit Agreement (the “Amended Credit Agreement”). In addition to amended and restating the 2016 Credit Facility, the Company amended and restated the term loan facility and the revolving credit facility under the 2016 Credit Agreement and refinanced the loans under the 2016 Credit Agreement.

The Amended Credit Agreement has a five year term and consists of (i) a $100 million revolving credit facility (the “Amended Revolving Credit Facility”) and (ii) a $100 million term loan facility (the “Amended Revolving Credit Facility”) , which will bear interest, at borrowers’ option, at either (i) a rate per annum equal to an adjusted LIBOR rate determined by reference to the cost of funds for the U.S. dollar deposits for the applicable interest period (subject to a minimum floor of 0%) plus an applicable margin ranging from 1.25% to 2.125% based on the Company’s consolidated total net leverage ratio (as defined in the Amended Credit Agreement) or (ii) a floating base rate plus an applicable margin ranging from 0.25% to 1.125% based on the Company’s consolidated total net leverage ratio. On the closing date of the Amended Credit Agreement, the applicable margin for the Amended Revolving Credit Facility and the Amended Term Loan Facility was 1.375% for the adjusted LIBOR rate and 0.375% for the floating base rate.

In addition, the Amended Revolving Credit Facilities and the Amended Term Loan Facility require payment of an unused fee ranging from 0.10% to 0.30% (based on the Company’s consolidated total net leverage ratio) times the average daily amount of unutilized commitments under the Amended Revolving Credit Facility. On the Closing Date of the Amended Credit Agreement, the unused line fee was 0.15%. The borrowers are also required to pay customary letter of credit fees and an annual administrative agent fee.

Amortization installment payments on the Amended Term Loan Facility are required to be made in quarterly installments of $1,250,000 from the fiscal quarter ending September 30, 2021 through March 31, 2026. The remaining outstanding amount will be due and payable on April 30, 2026, the maturity date for the Amended Term Loan Facility. Principal amounts outstanding under Amended Revolving Credit Facility will be due and payable in full on April 30, 2026, the maturity date for the Amended Revolving Credit Facility.
The Amended Credit Agreement also contains financial covenants that require the Company to maintain (a) a certain consolidated total net leverage ratio of not more than 3.25 to 1.00 and (b) a consolidated fixed charge coverage ratio (as defined in the Amended Credit Agreement) of not less than 1.15 to 1.00.