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Subsequent Events | 12 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
Subsequent Events | 24. Subsequent Events Acquisition On May 20, 2015 the Company completed the acquisition of the assets and certain liabilities of OE Plus, LTD (“OE Plus”), a privately held remanufacturer of alternators and starters based in North Dighton, Massachusetts. The acquisition was consummated pursuant to an asset purchase agreement dated May 15, 2015. The assets and results of operations of OE Plus were not significant to the Company’s consolidated financial position or results of operations, and thus pro forma information is not presented. Financing Agreement On June 3, 2015 the Company entered into a $125,000,000 senior secured financing (the “Credit Facility”) with the lenders, and PNC Bank, National Association, as administrative agent, consisting of (i) a $100,000,000 five-year revolving loan facility, subject to borrowing base restrictions and a $15,000,000 sublimit for letters of credit (the “New Revolving Loans”) and (ii) a $25,000,000 five-year term loan facility (the “New Term Loans”). In connection with the Credit Facility, the lenders were granted a security interest in substantially all of the assets of the Company. The New Term Loans require quarterly principal payments of $781,250. The loans made under the Credit Facility bear interest at rates equal to either LIBOR plus a margin of 2.50%, 2.75% or 3.00% or a reference rate plus a margin of 1.50%, 1.75% or 2.00%, in each case depending on the total leverage ratio as of the applicable measurement date. There is also a facility fee of 0.25% to 0.375%, depending on the total leverage ratio as of the applicable measurement date. In addition to other covenants, the Credit Facility places limits on the Company’s ability to, incur liens, incur additional indebtedness, make loans and investments, engage in mergers and acquisitions, engage in asset sales, declare dividends or redeem or repurchase capital stock, alter the business conducted by the Company and its subsidiaries, transact with affiliates, prepay, redeem or purchase subordinated debt, and amend or otherwise alter debt agreements. The Credit Facility also contains financial covenants requiring the Company to maintain (i) a maximum ratio of consolidated funded debt to consolidated EBITDA of 2.50:1 and (ii) a minimum ratio of consolidated EBITDA to fixed charges that ranges from 1.05:1 to 1.15:1, in each case beginning with the fiscal quarter ending on September 30, 2015. A failure to comply with these covenants could permit the lenders under the Credit Facility to declare all amounts borrowed under the Credit Facility, together with accrued interest and fees, to be immediately due and payable.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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