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Debt | 9 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
Debt |
Note 6. | Debt
The components of debt for the periods indicated were as follows ($000):
|  | March 31, |  |  | June 30, |
|  | 2017 |  |  | 2016 |
Line of credit, interest at LIBOR, as defined, plus 1.5% |  | $ | 187,000 |  |  | $ | 188,000 |
Term loan, interest at LIBOR, as defined, plus 1.5% |  |  | 90,000 |  |  |  | 45,000 |
Yen denominated line of credit, interest at LIBOR, as defined, plus 0.625% |  |  | 2,683 |  |  |  | 2,917 |
Total debt |  |  | 279,683 |  |  |  | 235,917 |
Current portion of long-term debt |  |  | (20,000 | ) |  |  | (20,000 | )
Unamortized debt issuance costs |  |  | (1,582 | ) |  |  | (610 | )
Long-term debt, less current portion |  | $ | 258,101 |  |  | $ | 215,307 |
On July 28, 2016, the Company amended and restated its existing credit agreement. The Third Amended and Restated Credit Agreement (the “Amended Credit Facility”) provides for a revolving credit facility of $325 million, as well as a $100 million term loan. The term loan is being repaid in consecutive quarterly principal payments on the first business day of each January, April, July and October, with the first payment having commenced on October 1, 2016, as follows: (i) twenty consecutive quarterly installments of $5 million and (ii) a final installment of all remaining principal due and payable on the maturity date of July 27, 2021. Amounts borrowed under the revolving credit facility are due and payable on the maturity date. The Amended Credit Facility is unsecured, but is guaranteed by each existing and subsequently acquired or organized wholly-owned domestic subsidiary of the Company. The Company has the option to request an increase to the size of the revolving credit facility in an aggregate additional amount not to exceed $100 million. The Amended Credit Facility has a five-year term through July 27, 2021 and has an interest rate of either a Base Rate Option or a Euro-Rate Option, plus an Applicable Margin, as defined in the agreement governing the Amended Credit Facility. If the Base Rate option is selected for a borrowing, the Applicable Margin is 0.00% to 0.075% and if the Euro-Rate Option is selected for a borrowing, the Applicable Margin is 0.75% to 1.75%. The Applicable Margin is based on the Company’s ratio of consolidated indebtedness to consolidated EBITDA. Additionally, the Credit Facility is subject to certain covenants, including those relating to minimum interest coverage and maximum leverage ratios. As of March 31, 2017, the Company was in compliance with all financial covenants under its Amended Credit Facility. The Company’s Yen denominated line of credit is a 500 million Yen (approximately $4.5 million) facility. The Yen line of credit matures in August 2020. The interest rate is equal to LIBOR, as defined in the loan agreement, plus 0.625% to 1.50%. At March 31, 2017 and June 30, 2016, the Company had 300 million Yen borrowed. Additionally, the facility is subject to certain covenants, including those relating to minimum interest coverage and maximum leverage ratios. As of March 31, 2017, the Company was in compliance with all financial covenants under its Yen facility. The Company had aggregate availability of $138.4 million and $37.7 million under its lines of credit as of March 31, 2017 and June 30, 2016, respectively. The amounts available under the Company’s lines of credit are reduced by outstanding letters of credit. As of March 31, 2017 and June 30, 2016, total outstanding letters of credit supported by these credit facilities were $1.4 million and $1.2 million, respectively. The weighted average interest rate of total borrowings was 2.3% and 1.6% for the nine months ended March 31, 2017 and 2016, respectively. Remaining annual principal payments under the Company’s existing credit facilities as of March 31, 2017 were as follows:
|  |  |  |  |  |  |  |  |  | U.S. |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Dollar |  |  |  |  |
|  | Term |  |  | Yen Line |  |  | Line of |  |  |  |  |
Period |  | Loan |  |  | of Credit |  |  | Credit |  |  | Total |
Year 1 |  | $ | 20,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 20,000 |
Year 2 |  |  | 20,000 |  |  |  | - |  |  |  | - |  |  |  | 20,000 |
Year 3 |  |  | 20,000 |  |  |  | - |  |  |  | - |  |  |  | 20,000 |
Year 4 |  |  | 20,000 |  |  |  | 2,683 |  |  |  | - |  |  |  | 22,683 |
Year 5 |  |  | 10,000 |  |  |  | - |  |  |  | 187,000 |  |  |  | 197,000 |
Total |  | $ | 90,000 |  |  | $ | 2,683 |  |  | $ | 187,000 |  |  | $ | 279,683 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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