F-18 In July 2009, the company executed an amended and restated revolving credit agreement increasing its  borrowing capacity to $450.0 million and extending its maturity to July 2012. Borrowings under the amended  revolving credit facility bear interest at the company’s option at the greater of (i) prime or the federal funds  rate plus 2.0 to 3.0%, or (ii) Eurodollar rates plus margins ranging from 3.0 to 4.0%, based on the  company’s consolidated funded debt to total capitalization ratio. Commitment fees on the unused portion of  this facility are in the range of 0.50 to 0.75% based on the company’s funded debt to total capitalization  ratio. The amended facility provides for a maximum ratio of consolidated debt to consolidated total  Revolving Credit Agreement  The following table summarizes long-term debt outstanding at March 31, 2010 and 2009:  At March 31, 2010 and 2009, the company had $300.0 million outstanding of senior unsecured notes that  were issued in July 2003. The multiple series of notes were originally issued with maturities ranging from  seven years to 12 years and had a weighted average remaining life of 2.85 years as of March 31, 2010.  These notes can be retired in whole or in part prior to maturity for a redemption price equal to the principal  amount of the notes redeemed plus a make-whole premium. The weighted average interest rate on the  notes is 4.35%. The terms of the notes provide for a maximum ratio of consolidated debt to total  capitalization of 55%. The fair value of this debt at March 31, 2010 and 2009 was estimated to be  $314.8 million and $289.4 million, respectively. The first note matures July 2010 in the amount of  $25.0 million.  The company receives a tax benefit that is generated by certain employee stock benefit plan transactions. This benefit is recorded directly to additional paid-in-capital and does not reduce the company’s effective  income tax rate. The tax benefit for the years ended March 31, 2010, 2009 and 2008 totaled approximately  $0.1 million, $1.7 million and $5.8 million, respectively. With limited exceptions, the company is no longer subject to tax audits by state, local or foreign taxing  authorities for years prior to 2002. The company has ongoing examinations by various state and foreign tax  authorities and does not believe that the results of these examinations will have a material adverse effect on  the company’s financial position or results of operations.  A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands)  2010 2009 2008 Balance at April 1,  $  44,875  43,474  41,156  Additions based on tax positions related to the current year  2,198  2,060  2,659  Reductions for tax positions of prior years  (2,774)  (254)  ---  Exchange rate fluctuation  (930)  ---  ---  Settlement and lapse of statute of limitations  (28,678)  (405)  (341)  Balance at March 31, $  14,691  44,875  43,474  (In thousands)  2010 2009 3.91% Senior notes due fiscal 2011  $  25,000  25,000  4.16% Senior notes due fiscal 2012  40,000  40,000  4.31% Senior notes due fiscal 2013  60,000  60,000  4.44% Senior notes due fiscal 2014  140,000  140,000  4.61% Senior notes due fiscal 2016  35,000  35,000  $ 300,000 300,000 Less: Current maturities of long-term debt  (25,000)  ---  Total  $ 275,000 300,000 (4)  LONG-TERM DEBT Senior Notes Years ended March 31, 2010, 2009, and 2008  TIDEWATER INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS