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Debt
 9 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt as of December 31, 2022, March 31, 2022 and December 31, 2021 consisted of the following (in thousands):
 December 31, 2022March 31, 2022December 31, 2021
Term loan(1)
$67,500 $96,250 $97,500 
Finance lease obligations832 1,419 1,612 
Total debt(2)
68,332 97,669 99,112 
Less: debt issuance costs(465)(803)(858)
Total debt, net of issuance costs67,867 96,866 98,254 
Less: current portion(5,690)(5,786)(5,780)
Long-term portion of debt$62,177 $91,080 $92,474 
(1) See Note 8, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement. As of December 31, 2022, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement.
(2) The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and finance lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.
Amended credit agreement
On April 30, 2021, the Company amended and restated its prior credit agreement (the “Amended Credit Agreement”), amended and restated the prior term loan facility and the prior revolving credit facility, and refinanced all loans under the prior credit agreement.
The Amended Credit Agreement has a five year term and consists of (i) a $100.0 million revolving credit facility (the “Amended Revolving Credit Facility”) and (ii) a $100.0 million term loan facility (the “Amended Term Loan Facility”). The Company's prior credit agreement consisted of a $165.0 million term loan and a $50.0 million revolving credit facility.
All amounts under the Amended Revolving Credit Facility are available for draw until the maturity date on April 30, 2026. The Amended Revolving Credit Facility is collateralized by substantially all of our assets and requires payment of an unused fee ranging from 0.10% to 0.30% (based on our consolidated total net leverage ratio (as defined in the Amended Credit Agreement)) times the average daily amount of unutilized commitments under the Amended Revolving Credit Facility. The Amended Revolving Credit Facility also provides for sub-facilities in the form of a $7.0 million letter of credit and a $5.0 million swing line loan; however, all amounts under the Amended Revolving Credit Facility cannot exceed $100.0 million. The unused balance of the Amended Revolving Credit Facility as of December 31, 2022 was $100.0 million.
Both the Amended Revolving Credit Facility and the Amended Term Loan Facility 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 United States 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 our consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.25% to 1.125% based on our consolidated total net leverage ratio. The interest rate as of December 31, 2022 for the Amended Term Loan Facility was approximately 6.0%.
The Amended Credit Agreement contains a number of covenants that, among other things, restrict our ability to (subject to certain exceptions) pay dividends and distributions or repurchase our capital stock, incur additional indebtedness, create liens on assets, engage in mergers or consolidations and sell or otherwise dispose of assets. The Amended Credit Agreement also includes reporting, financial and maintenance covenants that require us to, among other things, comply with certain consolidated total net leverage ratios and consolidated fixed charge coverage ratios.
In accordance with ASC 470, Debt, the amendment to the Company’s prior credit agreement was accounted for as both a debt modification and partial debt extinguishment, which resulted in the recognition of a loss on extinguishment of debt of $0.5 million for the year ended March 31, 2022. The Company incurred and capitalized $1.1 million of new debt issuance costs related to the amendment.
In the three and nine months ended December 31, 2022, the Company recognized a loss on extinguishment of debt of $176 thousand, primarily related partial prepayment of term loan borrowings in the amount of $25.0 million.