XML 60 R17.htm IDEA: XBRL DOCUMENT ﻿
v2.3.0.11

Long-Term Debt | 12 Months Ended
--- | ---
Jun. 30, 2011
Long-Term Debt |
Long-Term Debt | NOTE 11—LONG-TERM DEBT Long-term debt Long-term debt is comprised of the following:
|  | As of June 30, 2011 |  |  | As of June 30, 2010 |
Long-term debt |  |  |  |  |  |  |  |
Term loan |  | $ | 285,026 |  |  | $ | 288,019 |
Mortgage |  |  | 12,552 |  |  |  | 12,493 |
|  |  | 297,578 |  |  |  | 300,512 |
Less: |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  |  |  |  |  |  |
Term loan |  |  | 2,993 |  |  |  | 2,993 |
Mortgage |  |  | 12,552 |  |  |  | 12,493 |
|  |  | 15,545 |  |  |  | 15,486 |
Long-term portion of long-term debt |  | $ | 282,033 |  |  | $ | 285,026 |
Term loan and Revolver On October 2, 2006, we entered into a $465.0 million credit agreement (the credit agreement) with a Canadian chartered bank (the bank) consisting of a $390.0 million term loan facility (the term loan) and a $75.0 million committed revolving long-term credit facility (the revolver). The term loan was used to finance a portion of our acquisition of Hummingbird Ltd., (a company we acquired in October 2006). We have not drawn down any amounts under the revolver as of June 30, 2011. However, on July 7, 2011, we borrowed $73.5 million on the revolver (please refer to note 24 "Subsequent Events" for more details). The credit agreement is guaranteed by the Company and certain of our subsidiaries. Term loan The term loan has a seven-year term, expires on October 2, 2013 and bears interest at a floating rate of LIBOR plus 2.25%. The quarterly scheduled term loan principal repayments are equal to 0.25% of the original principal amount, due each quarter with the remainder due at the end of the term, less ratable reductions for any non-scheduled prepayments made. Our current quarterly scheduled principal payment is approximately $0.7 million. For the year ended June 30, 2011, we recorded interest expense of $7.3 million (June 30, 2010-$7.4 million and June 30, 2009- $11.2 million) relating to the term loan. Revolver The revolver has a five-year term and expires on October 2, 2011. Borrowings under this facility bear interest at rates specified in the credit agreement. The revolver is subject to a "stand-by" fee ranging between 0.30% and 0.50% per annum depending on our consolidated leverage ratio. There were no borrowings outstanding under the revolver as of June 30, 2011. However, on July 7, 2011, we borrowed $73.5 million on the revolver (please refer to note 24 for more details). For the year ended June 30, 2011, we recorded an expense of $0.3 million (June 30, 2010 – $0.2 million and June 30, 2009 – $0.2 million), on account of stand-by fees relating to the revolver. Mortgage In December 2005, we entered into a five-year mortgage agreement with the bank. The principal amount of the mortgage was for Canadian $15.0 million and was originally scheduled to mature on January 1, 2011. During Fiscal 2011, the mortgage was extended for a total of twelve-months, now maturing on January 1, 2012. The principal amount of the mortgage did not change upon extension, however, interest now accrues monthly at a variable rate of Canadian prime plus 0.50% (instead of a fixed rate of 5.25% per annum). Principal and interest are payable in monthly installments of Canadian $0.1 million with a final lump sum principal payment of Canadian $11.9 million due on maturity. The mortgage continues to be secured by a lien on our headquarters in Waterloo, Ontario, Canada. As of June 30, 2011, the carrying value of the mortgage was $12.6 million (June 30, 2010—$12.5 million). As of June 30, 2011, the carrying value of the existing Waterloo building was $15.4 million (June 30, 2010—$15.9 million). For the year ended June 30, 2011, we recorded interest expense of $0.6 million (June 30, 2010—$0.6 million and June 30, 2009– $0.6 million) relating to the mortgage.

X
- Details
Name: | us-gaap_LongTermDebtAbstract
Namespace Prefix: | us-gaap
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration