5. LONG TERM DEBT

Senior Credit Facility—in August 1999, the Company entered into a $900 million unsecured Senior Credit Facility (credit facility) maturing in August 2003. Interest may be determined on a Eurodollar or base rata (as defined in the credit facility) basis at the Company's option. The Company currently pays a commitment fee of .3% per annum for any unused portion of the credit facility. During fiscal 2001, the maximum borrowings under the credit facility were $468 million; average borrowings were $333 million at a weighted average interest rate of 8.12%. The weighted average interest rate for fiscal 2000 was 7.25%. At March 31, 2001 and 2000, there was $140 million and $450 million, respectively, outstanding under this facility.

The total commitment under the credit facility will be permanently reduced on the second, third and fourth anniversaries of the closing date in the amounts of $100 million, $100 million and $700 million, respectively.

The terms of the credit facility contain, among other provisions, certain financial covenants including minimum interest coverage and minimum net worth requirements, and specific limitations on additional indebtedness, liens and merger activity.

As a result of the variable nature of the credit facility's interest rate, the fair value of the Company's revolving credit debt approximates its carrying value.

Cash paid for interest totaled approximately $28,627,000, $21,861,000 and $687,000 for the years ended March 31, 2001, 2000 and 1999, respectively.