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Revolving Credit Facility | 9 Months Ended
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Dec. 31, 2015
Line of Credit Facility [Abstract] |
Revolving Credit Facility | Revolving Credit Facility The Company maintains a revolving credit facility that provides for borrowing up to $35.0 million, less outstanding letters of credit, which matures in December 2016 (the "Revolving Credit Facility"). The Investors became a lending party to the Revolving Credit Facility in March 2015 and represent a commitment of approximately 42% of the Revolving Credit Facility. The Company has the option to pay interest based on (i) a floating base rate option equal to the greatest of (x) the prime rate in effect on such day; (y) the federal funds effective rate in effect on such day plus ½ of 1%; and (z) one month LIBOR (but no less than 2%) plus 1%, or (ii) LIBOR, in each case, plus a margin. The interest rate under the Revolving Credit Facility has ranged from 8.00% to 8.25% during the nine months ended December 31, 2015 and 2014. In addition, the Company is required to pay a commitment fee ranging from 0.50% to 0.75% on the unused portion of the revolving commitment. Commitment fees paid during the nine months ended December 31, 2015 and 2014 were insignificant. During the nine months ended December 31, 2015, the Company borrowed $54.4 million and repaid $50.9 million under the Revolving Credit Facility. At December 31, 2015, the Company had available borrowing capacity of $12.4 million after considering the $18.2 million outstanding balance and the $4.4 million outstanding letter of credit. As further discussed below, in February 2016, the Company amended the Revolving Credit Facility (the "Amended Revolver") to, among other things, extend the maturity date to June 2017 and modify the financial covenants in effect through the date of maturity. The outstanding balance of $18.2 million at December 31, 2015 is included in non-current liabilities, as the maturity date of the Amended Revolver is June 2017. The indebtedness under the Revolving Credit Facility, as amended, is guaranteed by certain of the domestic subsidiaries of the Company and is secured by liens on substantially all the assets of the Company and certain of its domestic subsidiaries. In addition, the Company’s obligations are secured by a pledge of all the issued and outstanding shares of, or other equity interests in, certain of the Company's existing or subsequently acquired or organized domestic subsidiaries and a percentage of the capital stock of, or other equity interests in, certain of its existing or subsequently acquired or organized foreign subsidiaries. Covenants Our Revolving Credit Facility, as amended, includes certain representations and warranties, conditions precedent, affirmative covenants, negative covenants and events of default. The negative covenants include financial maintenance covenants comprised of a first lien leverage ratio, a consolidated leverage ratio and an interest coverage ratio. The Revolving Credit Facility, as amended, also contain certain covenants that, subject to certain exceptions, restrict paying dividends, incurring additional indebtedness, creating liens, making acquisitions or other investments, entering into certain mergers or consolidations and selling or otherwise disposing of assets. With respect to the dividend restrictions, there is a cap on the total amount of cash available for distribution to our common stockholders. With regard to the financial maintenance covenants, the first lien leverage ratio covenant must be equal to or less than 4.50 to 1.00 from April 1, 2015 through December 2016. The consolidated leverage ratio covenant must be equal to or less than 5.50 to 1.00 from October 1, 2015 through December 2016. The interest coverage ratio must be equal to or greater than 1.50 to 1.00 from April 1, 2015 through December 2016. As of December 31, 2015, the Company was in compliance with its covenants under the Revolving Credit Facility. Although there can be no assurances, management believes that, based on current expectations (including expected borrowings and repayments under the Amended Revolver), the Company's operating results for fiscal 2016 will be sufficient to satisfy the financial covenants under the Amended Revolver. The Company’s ability to satisfy the financial covenants is dependent on the business performing in accordance with its expectations. If the performance of the Company’s business deviates significantly from its expectations, the Company may not be able to satisfy such financial covenants. The Company's expectations are subject to a number of factors, many of which are events beyond its control, which could cause its actual results to differ materially from its expectations. If the Company does not comply with its financial covenants, the Company will be in default under the Amended Revolver. Amended Revolver In February 2016, the Company, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders from time to time party to the Revolving Credit Facility, as amended, restated, modified or supplemented from time to time, entered into the Amended Revolver with the lenders (the “Consenting Lenders”) constituting the Required Lenders (as defined in the Revolving Credit Facility) to, among other things, extend the maturity date to June 2017, modify the financial covenants in effect through the date of maturity, and provide for certain other provisions. With regard to the financial covenants, the first lien leverage ratio covenant must be equal to or less than 4.25 to 1.00 from January 1, 2016 through June 2017, provided that the first lien leverage ratio covenant will be lowered to 4.00 to 1.00 if the outstanding aggregate principal amount of the Company's first lien notes is less than $250 million. The consolidated leverage ratio covenant must be equal to or less than 5.25 to 1.00 from January 1, 2016 through June 2017, provided that the consolidated leverage ratio covenant will be lowered to 5.00 to 1.00 if the outstanding principal amount of the Company's first lien notes is less than $250 million. The interest coverage ratio was not amended and must be equal to or greater than 1.50 to 1.00 from January 1, 2016 through June 2017.

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