XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Long-Term Debt | 9 Months Ended
--- | ---
Mar. 31, 2017
Long-term Debt, Unclassified [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt Long-term debt is comprised of the following:
| As of March 31, 2017 |  | As of June 30, 2016
Total debt |  |  |
Senior Notes 2026 | $ | 850,000 |  |  | $ | 600,000 |
Senior Notes 2023 | 800,000 |  |  | 800,000 |
Term Loan B | 774,060 |  |  | 780,000 |
Revolver | 225,000 |  |  | — |
Total principal payments due | 2,649,060 |  |  | 2,180,000 |
Premium on Senior Notes 2026 | 6,736 |  |  | — |
Debt issuance costs | (34,231 | ) |  | (34,013 | )
Total amount outstanding | 2,621,565 |  |  | 2,145,987 |
Less: |  |  |
Current portion of long-term debt |  |  |
Term Loan B | 7,760 |  |  | 8,000 |
Revolver | 225,000 |  |  | — |
Total current portion of long-term debt | 232,760 |  |  | 8,000 |
Non-current portion of long-term debt | $ | 2,388,805 |  |  | $ | 2,137,987 |
Senior Unsecured Fixed Rate Notes Senior Notes 2026 On May 31, 2016, we issued $600 million in aggregate principal amount of 5.875% Senior Notes due 2026 (Senior Notes 2026) in an unregistered offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (Securities Act), and to certain persons in offshore transactions pursuant to Regulation S under the Securities Act. Senior Notes 2026 bear interest at a rate of 5.875% per annum, payable semi-annually in arrears on June 1 and December 1, commencing on December 1, 2016. Senior Notes 2026 will mature on June 1, 2026, unless earlier redeemed, in accordance with their terms, or repurchased. On December 20, 2016, we issued an additional $250 million in aggregate principal amount by reopening the previously issued Senior Notes 2026 at an issue price of 102.75%. The additional notes have identical terms, are fungible with and are a part of a single series with the $600 million aggregate principal amount of Senior Notes 2026. The outstanding aggregate principal amount of Senior Notes 2026, after taking into consideration the additional issuance, is $850 million. For the three and nine months ended March 31, 2017, we recorded interest expense of $12.5 million and $30.7 million, respectively, relating to Senior Notes 2026 (three and nine months ended March 31, 2016—nil, respectively). Senior Notes 2023 On January 15, 2015, we issued $800 million in aggregate principal amount of 5.625% Senior Notes due 2023 (Senior Notes 2023) in an unregistered offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain persons in offshore transactions pursuant to Regulation S under the Securities Act. Senior Notes 2023 bear interest at a rate of 5.625% per annum, payable semi-annually in arrears on January 15 and July 15, commencing on July 15, 2015. Senior Notes 2023 will mature on January 15, 2023, unless earlier redeemed, in accordance with their terms, or repurchased. For the three and nine months ended March 31, 2017, we recorded interest expense of $11.2 million and $33.7 million, respectively, relating to Senior Notes 2023 (three and nine months ended March 31, 2016—$11.2 million and $33.7 million, respectively). Term Loan B We entered into a $800 million term loan facility (Term Loan B) and borrowed the full amount on January 16, 2014. Borrowings under Term Loan B are secured by a first charge over substantially all of our assets on a pari passu basis with the Revolver (defined below). Term Loan B has a seven year term and repayments made under Term Loan B are equal to 0.25% of the principal amount in equal quarterly installments for the life of Term Loan B, with the remainder due at maturity. Originally, borrowings under Term Loan B were subject to a floating rate of interest at a rate per annum equal to 2.5% plus the higher of LIBOR or 0.75%. However, on February 22, 2017, we entered into an amendment of Term Loan B to, among other things, reduce the interest rate margin applicable to the Term Loan B loans that are LIBOR advances from 2.5% to 2.0% and reduced the LIBOR floor from 0.75% to 0.00%. Thus, interest on the current outstanding balance for Term Loan B is equal to 2.0% plus LIBOR. For the three and nine months ended March 31, 2017, we recorded interest expense of $6.0 million and $19.0 million, respectively, relating to Term Loan B (three and nine months ended March 31, 2016—$6.4 million and $19.5 million, respectively). Revolver On February 1, 2017, we amended our committed revolving credit facility (the Revolver) to increase the total commitments under the Revolver from $300 million to $450 million. Borrowings under the Revolver are secured by a first charge over substantially all of our assets on a pari passu basis with Term Loan B. As of March 31, 2017, the Revolver matured on December 22, 2019 with no fixed repayment date prior to the end of the term. Subsequently, we repriced and extended the maturity of the Revolver to May 5, 2022. Please refer to note 22 "Subsequent Events", for more details on the additional amendment to the Revolver. Borrowings under the Revolver bear interest per annum at a floating rate of LIBOR plus a fixed rate that is dependent on our consolidated net leverage ratio. On January 13, 2017 we drew down $200 million from the Revolver, to partially finance the acquisition of the ECD Business and on January 26, 2017, we drew an additional $25 million from the Revolver for miscellaneous general corporate purposes. As of March 31, 2017 we have drawn a total of $225 million from the Revolver. For the three and nine months ended March 31, 2017, we recorded interest expense of $1.3 million, relating to amounts drawn on the Revolver (three and nine months ended March 31, 2016—nil, respectively). Debt Issuance Costs and Premium on Senior Notes Debt issuance costs relate primarily to costs incurred for the purpose of obtaining our credit facilities and issuing our Senior Notes and are being amortized over the respective terms of the Senior Notes, Term Loan B and the Revolver, using the effective interest method. In connection with the recent reopening of Senior Notes 2026, we incurred debt issuance costs of approximately $3.7 million, which have been substantially paid as of March 31, 2017. The premium on Senior Notes 2026 represents the excess of the proceeds received over the face value of Senior Notes 2026. This premium is amortized as a credit to interest expense over the term of Senior Notes 2026 using the effective interest method. In connection with the recent amendment of Term Loan B, we incurred debt issuance costs of approximately $0.8 million, which have substantially been paid as of March 31, 2017. Furthermore, during the three and nine months ended March 31, 2017, we wrote off $0.8 million, respectively, of unamortized debt issuance costs relating to the portion of Term Loan B that was not recommitted by certain lenders under the new terms and were therefore considered extinguished. This amount has been written off to "Interest and other related expense, net" on the Condensed Consolidated Statements of Income. In connection with the recent amendment of the Revolver, we incurred debt issuance costs of approximately $0.5 million, which have been substantially paid as of March 31, 2017.

X
- References No definition available. + 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 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