16 $9.6 million. Also in Fiscal 2001, the Company increased its existing investment in Eurodis by approximately $4.3 million. Prior to February 2003, the Company held publicly traded equity securities in Eurodis and WPI as strategic investments. The Company does not currently attempt to reduce or eliminate the inherent market risks or the foreign currency risk associated with these investments. The Company’s shares of WPI stock were included in the sale of IED. The Company realized a $1.0 million loss on the sale of this investment, as unrealized losses that had been previously recorded in ‘‘Accumulated other comprehensive loss’’ on the accompanying Consolidated Bal- ance Sheets were removed from Shareholders’ Equity and charged to operations. The loss was included in the gain on sale of net assets within ‘‘Income from Discontinued Operations’’ on the accompanying Statement of Operations for the year ended March 31, 2003. As of March 31, 2003, the market value of Pioneer-Standard’s investment in Eurodis was $2.4 million, as compared with a cost basis of approximately $17.0 million. In 2003, as a result of the Company’s sale of IED and subsequent change in business focus, Pioneer-Standard’s intent concerning this investment changed. The invest- ment no longer holds strategic value and it is not the Company’s intent to retain the investment for a long period of time. Therefore, the decline in market value was deemed to be other than temporary, and the Company recognized a $14.6 million impairment charge to reduce the carrying value to market value. This non-cash charge is included as ‘‘Investment impairment’’ in ‘‘Other (Income) Expense’’ in the accompanying Consolidated Statement of Operations for the year ended March 31, 2003. In October 2001, the Company completed a three-year Accounts Receivable Securitization financing (the ‘‘Asset Securitization’’) that provided for borrowings up to $150 million, limited to certain borrowing base calculations, and was secured by certain trade accounts receivable. Under the terms of the agreement, the Company transferred receivables to a wholly-owned, consolidated subsidiary that in turn utilized the receivables to secure the borrowings, which were funded through a vehicle that issues commercial paper in the short-term market. The yield on the commercial paper, which is the commercial paper rate plus program fees, is considered a financing cost and included in ‘‘Interest expense, net’’ in the accompanying Consolidated Statements of Opera- tions. The Company had not used this facility since April 2002. In February 2003, the Company canceled the Asset Securitization, based on the Company’s strong liquidity position and low anticipated borrowing needs. There were no advances outstanding under the facility as of the cancellation date. During the first nine months of Fiscal 2003, the Company maintained a Revolving Credit Agreement (the ‘‘Revolver’’), with a group of commercial banks, which provided the Company with the ability to borrow, on an unsecured basis, up to $100 million, limited to certain borrowing base calculations. This agreement was sched- uled to expire in September 2004. On December 20, 2002, in connection with the pending sale of IED, the Revolver was amended to reduce the Company’s ability to borrow to $50 million, limited to certain borrowing base calculations, and accelerate the expiration date to June 2003. The Company had not used this facility since April 2002. On March 21, 2003, the Company terminated the agreement. There were no advances outstanding under the Revolver as of the termination date. As a result of the above noted terminations, there were no outstanding financial or non-financial covenants as of March 31, 2003. Concurrent with the Revolver amendment and attributable to the accelerated due date and reduction in borrowing capacity, the Company expensed approximately $1.0 million of deferred financing fees in the third quarter of Fiscal 2003. In addition, as a result of the termination of the Asset Securitization and Revolver in the fourth quarter, the remaining unamortized deferred financing fees of $0.6 million were expensed. These charges, totaling $1.6 million, are included in ‘‘Interest expense, net’’ in the accompanying Consolidated Statement of Operations for the year ended March 31, 2003. On April 17, 2003, the Company entered into an unsecured, three-year revolving credit agreement (the ‘‘2003 Revolver’’) with a consortium of six banks. The 2003 Revolver provides the Company with the ability to borrow up to $100 million, limited to certain borrowing base calculations, and allows for increases, under certain conditions, up to $150 million during the life of the facility. The 2003 Revolver also contains standard pricing terms and conditions for companies with similar credit ratings, including limitations on other borrowings, invest- ment expenditures and the maintenance of certain financial ratios, such as leverage, fixed charge coverage and tangible net worth, among other restrictions. The 2003 Revolver advances bear interest at various levels over LIBOR, and a facility fee is required, both of which are determined based on the Company’s leverage ratio. The 2003 Revolver does not contain a pre-payment penalty. At April 17, 2003, there were no outstanding borrowings under the 2003 Revolver. The Company is currently exposed to interest rate risk from the various floating-rate pricing mechanisms on the 2003 Revolver. Prior to March 2003, the Company was exposed to interest rate risk primarily from floating-rate pricing mechanisms on the Revolver and the Asset Securitization’s (the ‘‘Facilities’’) variable short-term market