Quarterly report pursuant to Section 13 or 15(d)

Long-term Debt

Long-term Debt
9 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Long-term debt consists of the following (in thousands, except percentages):
December 31, 2020 March 31, 2020
Amount Effective Rate Amount Effective Rate
First Lien Term Loan $ 461,125  2.4  % $ 521,125  3.2  %
Revolving credit facility —  — 
Total principal 461,125  521,125 
Unamortized discount and debt issuance costs (9,698) (11,140)
Total debt 451,427  509,985 
Less: Current portion of long-term debt —  — 
Long-term debt $ 451,427  $ 509,985 
First lien credit facilities
The Company’s First Lien Credit Agreement, as amended, provides for a term loan facility, or the First Lien Term Loan, in an aggregate principal amount of $950.0 million and a senior secured revolving credit facility, or the Revolving Facility, in an aggregate amount of $60.0 million. The Revolving Facility includes a $25.0 million letter of credit sub-facility. The First Lien Term Loan and Revolving Facility mature on August 23, 2025 and August 23, 2023, respectively. As of December 31, 2020 and March 31, 2020, there were $15.8 million and $15.3 million letters of credit issued, respectively. The Company had $44.2 million and $44.7 million of availability under the Revolving Facility as of December 31, 2020 and March 31, 2020, respectively.
Borrowings under the First Lien Term Loan and the Revolving Facility currently bear interest, at the Company’s election, at either (i) the Alternative Base Rate, as defined per the credit agreement, plus 1.25% per annum, or (ii) LIBOR plus 2.25% per annum. The Company has satisfied all required principal payments under the First Lien Term Loan and the remainder is due at maturity. Interest payments are due quarterly, or more frequently, based on the terms of the credit agreement.
The Company incurs fees with respect to the Revolving Facility, including (i) a commitment fee of 0.25% per annum of unused commitments under the Revolving Facility, (ii) facility fees equal to the applicable margin in effect for Eurodollar Rate Loans, as defined per the credit agreement, times the average daily stated amount of letters of credit, (iii) a fronting fee equal to either (a) 0.125% per annum on the stated amount of each letter of credit or (b) such other rate per annum as agreed to by the parties subject to the letters of credit, and (iv) customary administrative fees.
All of the indebtedness under the First Lien Credit Agreement is and will be guaranteed by the Company’s existing and future material domestic subsidiaries and is and will be secured by substantially all of the assets of the Company and such guarantors. The First Lien
Credit Agreement contains customary negative covenants. At December 31, 2020, the Company was in compliance with all applicable covenants pertaining to the First Lien Credit Agreement.