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Long-Term Debt | 6 Months Ended
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Dec. 31, 2011
Long-Term Debt [Abstract] |
Long-Term Debt | NOTE 10—LONG-TERM DEBT Long-term debt Long-term debt is comprised of the following:
|  | As of December 31, 2011 |  |  | As of June 30, 2011 |
Long-term debt |  |  |  |  |  |  |  |
Term loan |  | $ | 600,000 |  |  | $ | 285,026 |
Mortgage |  |  | 11,665 |  |  |  | 12,552 |
|  |  | 611,665 |  |  |  | 297,578 |
Less: |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  |  |  |  |  |  |
Term loan |  |  | 30,000 |  |  |  | 2,993 |
Mortgage |  |  | 11,665 |  |  |  | 12,552 |
|  |  | 41,665 |  |  |  | 15,545 |
Long-term portion of long-term debt |  | $ | 570,000 |  |  | $ | 282,033 |
Term Loan and Revolver On November 9, 2011, we and certain of our subsidiaries entered into a $700 million Amended and Restated Credit Agreement (the Agreement) with certain financial institutions. The Agreement provides for a $600 million term loan facility (the Term Loan) and a $100 million committed revolving credit facility (the Revolver). On November 9, 2011, the Company borrowed $600 million under the Term Loan. The Term Loan has a 5 year term and repayments made under the Term Loan are equal to 1.25% of the original principal amount at each quarter for the first 2 years, 1.88% for years 3 and 4 and 2.5% for year 5. Our first quarterly scheduled principal payment is approximately $7.5 million and is due during the third quarter of Fiscal 2012. The Term Loan bears interest at a floating rate of LIBOR plus 2.50%. For the three and six months ended December 31, 2011, we recorded interest expense of $2.5 million relating to the Term Loan. For the three and six months ended December 31, 2011, we recorded interest on our old term loan (up until November 9, 2011) of approximately $0.9 million and $2.7 million, respectively (three and six months ended December 31, 2010—$1.8 million and $3.7 million, respectively). The Revolver has a 5 year term with no fixed repayment date prior to the end of the term. As of December 31, 2011, we have not drawn down from the Revolver. On November 9, 2011, we used a portion of the proceeds from the Term Loan to repay all of our previously outstanding credit facility debt in the amount of $332.9 million. Mortgage In December 2005, we entered into a 5 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 and is now open for Open Text to pay all or a portion of the mortgage prior to July 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 due on maturity. The mortgage continues to be secured by a lien on our headquarters in Waterloo, Ontario, Canada. As of December 31, 2011, the carrying value of the mortgage was $11.7 million (June 30, 2011—$12.6 million). As of December 31, 2011, the carrying value of the Waterloo building that secures the mortgage was $16.5 million (June 30, 2011—$15.4 million). For the three and six months ended December 31, 2011, we recorded interest expense of $0.1 million and $0.2 million, respectively, relating to the mortgage (three and six months ended December 31, 2010—$0.2 million and $0.3 million, respectively).

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- 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
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