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NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
NOTES PAYABLE AND LONG-TERM DEBT | NOTES PAYABLE AND LONG-TERM DEBT Notes payable and long-term debt consisted of the following:
(In thousands) | March 31, 2018 |  | April 1, 2017
Term loan, net of financing fees | $ | 253,305 |  |  | $ | 314,218 |
Bank loans and other borrowings | 377 |  |  | 429 |
Less current portion | (194,259 | ) |  | (61,022 | )
Long-term debt | $ | 59,423 |  |  | $ | 253,625 |
We currently have a credit agreement ("Credit Agreement") with certain lenders (together, “Lenders”) that provides for a $379.4 million term loan ("Term Loan") and a $100.0 million revolving loan ("Revolving Credit Facility" and together with the Term Loan, the "Credit Facilities"). Interest is based on the Adjusted LIBOR plus a range of 1.125% to 1.500% depending on achievement of leverage ratios and customary credit terms that include financial and negative covenants. The Credit Facilities mature on July 1, 2019. At March 31, 2018, $253.7 million was outstanding under the Term Loan with an interest rate of 3.1875% and no amount was outstanding on the Revolving Credit Facility. The fair value of debt approximates its current value of approximately $253.7 million as of March 31, 2018. Under the Credit Facilities, we are required to maintain a Consolidated Total Leverage Ratio not to exceed 3.0:1.0 and a Consolidated Interest Coverage Ratio not to be less than 4.0:1.0 during periods when the Credit Facilities are outstanding. In addition, we are required to satisfy these covenants, on a pro forma basis, in connection with any new borrowings (including any letter of credit issuances) on the Revolving Credit Facility as of the time of such borrowings. The Consolidated Interest Coverage Ratio is calculated as the Consolidated EBITDA divided by Consolidated Interest Expense while the Consolidated Total Leverage Ratio is calculated as Consolidated Total Debt divided by Consolidated EBITDA. Consolidated EBITDA includes EBITDA adjusted by non-recurring and unusual transactions specifically as defined in the Credit Facilities. The Credit Facilities also contain usual and customary non-financial affirmative and negative covenants that include certain restrictions with respect to subsequent indebtedness, liens, loans and investments (including acquisitions), financial reporting obligations, mergers, consolidations, dissolutions or liquidation, asset sales, affiliate transactions, change of our business, capital expenditures, share repurchase and other restricted payments. These covenants are subject to important exceptions and qualifications set forth in the Credit Agreement. Any failure to comply with the financial and operating covenants of the Credit Facilities would prevent us from being able to borrow additional funds and would constitute a default, which could result in, among other things, the amounts outstanding including all accrued interest and unpaid fees, becoming immediately due and payable. In addition, the Credit Facilities include customary events of default, in certain cases subject to customary cure periods. As of March 31, 2018, we were in compliance with the covenants. Commitment Fee Pursuant to the Credit Agreement, we are required to pay, on the last day of each calendar quarter, a commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee is subject to a pricing grid based on our Consolidated Total Leverage Ratio. The commitment fee ranges from 0.175% to 0.300%. The current commitment fee on the undrawn portion of the Revolving Credit Facility is 0.200%. Debt Issuance Costs and Interest Expenses associated with the issuance of the Term Loan were capitalized and are amortized to interest expense over the life of the term loan using the effective interest method. As of March 31, 2018, the $253.7 million term loan balance was netted down by the $0.4 million of remaining debt discount, resulting in a net note payable of $253.3 million. Interest expense was $7.7 million, $7.9 million and $8.5 million for fiscal 2018, 2017 and 2016, respectively. Accrued interest associated with our outstanding debt is included as a component of other current liabilities in the accompanying consolidated balance sheets. As of both March 31, 2018 and April 1, 2017, we had an insignificant amount of accrued interest associated with our outstanding debt. The aggregate amount of debt maturing during the next five fiscal years and thereafter are as follows:
Fiscal year (In thousands) |
2019 | $ | 194,617 |
2020 | 59,412 |
2021 | 55 |
2022 | 14 |
2023 | 5 |
Thereafter | 2 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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