DEBT

Debt as of June 30 and March 31, 2015 consisted of the following (in thousands):



	June 30, 2015			March 31, 2015
6¼% Senior Notes due 2022	$	401,535		$	401,535
Term Loan	346,084			222,179
3% Convertible Senior Notes due 2038, including zero and $0.9 million of unamortized discount, respectively	1,869			114,109
Revolving Credit Facility	155,000			83,800
Airnorth debt	21,929			23,119
Eastern Airways debt	18,784			19,680
Total debt	945,201			864,422
Less short-term borrowings and current maturities of long-term debt	(26,954		)	(18,730		)
Total long-term debt	$	918,247		$	845,692

3% Convertible Senior Notes due 2038 — During June 2015, we repurchased $113.1 million of the $115 million principal amount of our 3% Convertible Senior Notes due 2038 (the “3% Convertible Senior Notes”) from holders that exercised their right to require us to repurchase their notes on the first put date of June 15, 2015. We funded this repurchase using borrowings on our Revolving Credit Facility. On July 13, 2015, we issued a notice to the holders of the remaining $1.9 million principal amount of notes that we are redeeming the remaining notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date of August 14, 2015. The notes may be converted at any time before the close of business on August 13, 2015, the business day immediately preceding the redemption date. The notes are convertible into shares of common stock at a rate of 13.8373 shares per $1,000 principal amount of notes. We will satisfy our conversion obligation by delivering cash up to the principal amount of the notes surrendered for conversion and shares for the remainder of its conversion value, if any. As of June 30, 2015, the conversion value of the 3% Convertible Senior Notes did not exceed the principal balance. For further details on the 3% Convertible Senior Notes, see Note 5 to the fiscal year 2015 financial statements.

The balances of the debt and equity components of the 3% Convertible Senior Notes as of each period presented are as follows (in thousands):



	June 30, 2015		March 31, 2015
Equity component – net carrying value	$	14,905	$	14,905
Debt component:
Face amount due at maturity	$	1,869	$	115,000
Unamortized discount	—		(891		)
Debt component – net carrying value	$	1,869	$	114,109

The debt discount was amortized into interest expense over the expected remaining life of the 3% Convertible Senior Notes to June 2015 (the first put date) using the effective interest rate. The effective interest rate for the three months ended June 30, 2015 and 2014 was 6.9%. Interest expense related to our 3% Convertible Senior Notes for the three months ended June 30, 2015 and 2014 was as follows (in thousands):



	Three Months Ended June 30,
	2015		2014
Contractual coupon interest	$	718	$	863
Amortization of debt discount	891		1,019
Total interest expense	$	1,609	$	1,882

Term Loan and Revolving Credit Facility — On April 17, 2015, we entered into the fifth amendment to the Amended and Restated Credit Agreement (the “Fifth Amendment”). The Fifth Amendment, among other things (a) increased the commitments under the Revolving Credit Facility from $350 million to $400 million (b) increased the Term Loan borrowings from approximately $222.6 million to $350.0 million and (c) permits the us to incur additional credit facility debt to refinance the existing 3% Convertible Senior Notes. For further details on the Revolving Credit Facility and Term Loan, see Note 5 to the fiscal year 2015 Financial Statements. During the three months ended June 30, 2015, we had borrowings of $237.4 million and made payments of $166.2 million under the Revolving Credit Facility. Additionally, we paid $3.5 million to reduce our borrowings under the Term Loan. As of June 30, 2015, we had $0.5 million in letters of credit outstanding under the Revolving Credit Facility.