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Line of Credit
9 Months Ended
Dec. 31, 2016
Line Of Credit Facility [Abstract]  
Line of Credit

5. Line of Credit

The Company has a line of credit facility (the “Line”) up to $225.0 million, which expires on January 30, 2018. Prior to December 30, 2016 the pricing on the Line was 300 basis points above 30 day LIBOR with a 1% floor on LIBOR. Effective December 30, 2016, the Company executed an amendment to this existing Line which provides temporary adjustments to the calculation of availability and increases the pricing of the Line to 350 basis points above 30 day LIBOR with the 1% floor on LIBOR (4.50% at December 31, 2016 and 4.00% at March 31, 2016). These temporary adjustments will be in place through June 30, 2017. Pledged as collateral for this Line are all the assets of the Company. The outstanding amount of the Line was $214.3 million and $211.0 million as of December 31, 2016 and March 31, 2016, respectively. The amount available under the Line was $10.7 million and $14.0 million as of December 31, 2016 and March 31, 2016, respectively.

The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. As of December 31, 2016, the Company was in compliance with all debt covenants.