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Long-term Debt | 9 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Long-term debt consisted of the following at the periods presented below (dollars in thousands):
|  | As of March 31, 2026 |  | June 30, 2025
|  | Maturity Date |  | Stated Interest Rate |  | Effective Interest Rate |  | Outstanding Balance |  | Outstanding Balance
Revolving Facility |  | November 2030 |  | 5.32% |  | 5.32% |  | $ | 928,000 |  |  | $ | 124,500 |
Term Loan |  | November 2030 |  | 4.92% |  | 4.98% |  | 1,242,188 |  |  | 1,071,875 |
Term Loan B |  | October 2031 |  | 5.42% |  | 5.65% |  | 740,625 |  |  | 746,250 |
Term Loan B-2 |  | March 2033 |  | 5.42% |  | 5.62% |  | 800,000 |  |  | — |
2033 Notes |  | June 2033 |  | 6.38% |  | 6.58% |  | 1,000,000 |  |  | 1,000,000 |
2033 Notes-2 |  | June 2033 |  | 6.38% |  | 6.08% |  | 500,000 |  |  | — |
Principal amount of long-term debt |  |  |  |  |  |  |  | 5,210,813 |  |  | 2,942,625 |
Less unamortized debt discount, premium, and issuance costs |  |  |  |  |  |  |  | (30,236) |  |  | (24,685) |
Total long-term debt |  |  |  |  |  |  |  | 5,180,577 |  |  | 2,917,940 |
Less current portion |  |  |  |  |  |  |  | (46,750) |  |  | (68,750) |
Long-term debt, net of current portion |  |  |  |  |  |  |  | $ | 5,133,827 |  |  | $ | 2,849,190 |
On November 25, 2025, the Company amended its senior secured credit facility (the Credit Facility) primarily to extend the maturity date. As amended, the Company’s $3,250.0 million credit facility consists of a $2,000.0 million revolving credit facility (the Revolving Facility) and a $1,250.0 million term loan (the Term Loan). The Revolving Facility permits renewable borrowings and has sub-facilities of $150.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit. The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Secured Overnight Financing Rate (SOFR) rate plus, in each case, an applicable margin based upon the Company’s consolidated total net leverage ratio. A majority of our assets serve as collateral under the Credit Facility. The Company pays a quarterly facility fee for the unused portion of the Revolving Facility. The Term Loan is a five-year term loan under which principal payments are due in quarterly installments of $7.8 million through December 31, 2027 and $15.6 million thereafter until the balance is due in full at maturity. As of March 31, 2026, the Company had $928.0 million outstanding under the Revolving Facility and no borrowings on the swing line and stand-by letters of credit. On March 9, 2026, to provide additional financial flexibility in connection with the ARKA acquisition, the Company amended the Term Loan B to provide for an additional tranche of senior secured term loan (the Term Loan B-2) in an aggregate principal amount of $800.0 million. The interest rate applicable to the Term Loan B-2 is a floating interest rate that, at the Company’s option, equals a base rate or a term SOFR rate plus an applicable margin. The obligations under the Term Loan B-2 are secured by the Company, in each case, subject to customary exceptions that are identical to the guarantees and collateral in respect of the Term Loan B. The Term Loan B-2 is subject to the same customary negative covenants as the Term Loan B. The Term Loan B-2 is a seven-year term loan under which principal payments are due in quarterly installments of $2.0 million from June 2026 until the balance is due in full at maturity. The Company deferred $9.1 million of debt issuance costs related to the Term Loan B-2 financing, which are amortized to interest expense over the life of the Term Loan B-2 using the effective interest method. On March 12, 2026, the Company issued an additional $500.0 million of its senior unsecured notes (the 2033 Notes‑2), which form part of the same series as the Company’s 6.375% fixed‑rate senior unsecured notes (the 2033 Notes) originally issued in June 2025 and maturing in June 2033. The Company issued the 2033 Notes-2 at a premium and received $516.5 million in net proceeds, which were used to repay outstanding borrowings under the Revolving Facility. Interest is payable semi-annually, and principal is due in full at maturity, with the first interest payment for the 2033 Notes-2 commencing on June 15, 2026. The terms and subordination of the 2033 Notes-2 are the same as the 2033 Notes. All premiums and debt issuance costs are amortized using the effective interest rate over the life of the loan. The aggregate maturities of long-term debt as of March 31, 2026 are as follows (dollars in thousands):
Fiscal Year Ending June 30, |
2026 |  | $ | 11,688 |
2027 |  | 46,750 |
2028 |  | 62,375 |
2029 |  | 78,000 |
2030 |  | 78,000 |
Thereafter |  | 4,934,000 |
Principal amount of long-term debt |  | $ | 5,210,813 |
As of March 31, 2026, the Company was in compliance with all of its financial covenants related to all long-term debt. Cash Flow Hedges The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations. The Company has entered into several floating-to-fixed interest rate swap agreements for a total notional amount of $900.0 million, which hedge a portion of the Company’s floating rate indebtedness. Under these agreements, the Company pays a fixed rate and receives SOFR. The counterparties to all swap agreements are financial institutions. The Company has designated the swaps as cash flow hedges, which are recorded on the consolidated balance sheets at fair value. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings to interest expense in a manner that matches the timing of the earnings impact of the hedged transactions. The effect of cash flow hedges on the condensed consolidated statements of operations and comprehensive income for the three and nine months ended March 31, 2026 and 2025 is as follows (in thousands):
|  | Three Months Ended March 31, |  | Nine Months Ended March 31, |  |
|  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Gain (loss) recognized in other comprehensive income before reclassifications |  | $ | 2,711 |  |  | $ | (2,399) |  |  | $ | 4,938 |  |  | $ | (1,057) |  |  |  |  |
Amounts reclassified to earnings from accumulated other comprehensive loss |  | (1,515) |  |  | (3,490) |  |  | (6,817) |  |  | (14,046) |  |  |  |  |
Other comprehensive income (loss), net of tax |  | $ | 1,196 |  |  | $ | (5,889) |  |  | $ | (1,879) |  |  | $ | (15,103) |  |  |  |  |

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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/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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