Debt

3 Months Ended

Jun. 30, 2026

The Company’s debt obligations are as follows:


	June 30,			March 31,
(Millions of U.S. dollars)	2026			2026
Secured debt:
5.875% Senior notes due 2031	$	700.0		$	700.0
6.125% Senior notes due 2032	1,000.0			1,000.0
Revolving Facility1	150.0			—
Term A-1 Facility1, due 2028	750.0			750.0
Term A-2 Facility1, due 2030	1,706.3			1,717.2
Unsecured debt:
5.000% Senior notes due 2028	—			400.0
Unamortized debt issuance costs	(29.6)			(32.2)
Total debt	4,276.7			4,535.0
Less current portion	(43.8)			(43.8)
Total Long-term debt	$	4,232.9		$	4,491.2

Weighted average interest rate of total debt	5.5		%	5.5		%

Fair value of Senior unsecured notes (Level 1)	$	—		$	395.0
Fair value of Senior secured notes (Level 1)	$	1,706.8		$	1,685.5

____________

1.As of June 30, 2026, the carrying value of the Company's senior secured credit facilities (the “Credit Facilities”) of $2,606.3 million approximates fair value, as the interest rate is variable and reflects current market rates.

Debt Facilities - Terminated

In June 2026, the Company redeemed its $400 million senior unsecured notes due 2028 using cash on hand as well as a draw on its Revolving Facility, and the remaining associated debt issuance costs of $1.0 million were written off to interest expense.

Guarantees and Compliance

As of June 30, 2026, the Company was in compliance with all of its covenants contained in the indenture governing the senior secured notes and the credit agreement governing the Credit Facilities. For additional information regarding such indenture and credit agreement, including a summary of their terms, see Note 8, “Debt”, to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

Off Balance Sheet Arrangements

As of June 30, 2026, the Company had $12.0 million of issued but undrawn letters of credit and bank guarantees, of which $6.8 million is supported under the Revolving Facility. These letters of credit and bank guarantees relate to various operational matters including insurance, performance bonds and other items. As of June 30, 2026, the Company had $150.0 million outstanding borrowings under the Revolving Facility under the Credit Facility, leaving the Company with $843.2 million of available borrowing capacity under the Revolving Facility.