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LONG-TERM DEBT | 9 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
LONG-TERM DEBT | NOTE 6: LONG-TERM DEBT The components of long-term debt are as follows:
|  |  |  |  |  | (in 000s)
As of |  | March 31, 2022 |  |  |  | June 30, 2021
Senior Notes, 5.500%, due November 2022 |  | $ | 500,000 |  |  |  |  | $ | 500,000 |
Senior Notes, 5.250%, due October 2025 |  | 350,000 |  |  |  |  | 350,000 |
Senior Notes, 2.500%, due July 2028 |  | 500,000 |  |  |  |  | 500,000 |
Senior Notes, 3.875%, due August 2030 |  | 650,000 |  |  |  |  | 650,000 |
Debt issuance costs and discounts |  | (14,075) |  |  |  |  | (16,281) |
Total long-term debt |  | 1,985,925 |  |  |  |  | 1,983,719 |
Less: Current portion |  | (499,395) |  |  |  |  | — |
Long-term portion |  | $ | 1,486,530 |  |  |  |  | $ | 1,983,719 |
Estimated fair value of long-term debt |  | $ | 1,964,000 |  |  |  |  | $ | 2,123,000 |
UNSECURED COMMITTED LINE OF CREDIT – Our unsecured committed line of credit (CLOC) provides for an unsecured senior revolving credit facility in the aggregate principal amount of $1.5 billion, which includes a $175.0 million sublimit for swingline loans and a $50.0 million sublimit for standby letters of credit. We may request increases in the aggregate principal amount of the revolving credit facility of up to $500.0 million, subject to obtaining commitments from lenders and meeting certain other conditions. The CLOC will mature on June 11, 2026, unless extended pursuant to the terms of the CLOC, at which time all outstanding amounts thereunder will be due and payable. Our CLOC includes an annual facility fee, which will vary depending on our then current credit ratings. The CLOC is subject to various conditions, triggers, events or occurrences that could result in earlier termination and contains customary representations, warranties, covenants and events of default, including, without limitation: (1) a covenant requiring the Company to maintain a debt-to-EBITDA ratio, as defined by the CLOC agreement, calculated on a consolidated basis of no greater than (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on March 31, June 30, and September 30 of each year and (b) 4.50 to 1.00 as of the last day of each fiscal quarter ending on December 31 of each year; (2) a covenant requiring us to maintain an interest coverage ratio (EBITDA-to-interest expense) calculated on a consolidated basis of not less than 2.50 to 1.00 as of the last date of any fiscal quarter; and (3) covenants restricting our ability to incur certain additional debt, incur liens, merge or consolidate with other companies, sell or dispose of assets (including equity interests), liquidate or dissolve, engage in certain transactions with affiliates or enter into certain restrictive agreements. The CLOC includes provisions for an equity cure which could potentially allow us to independently cure certain defaults. Proceeds under the CLOC may be used for working capital needs or for other general corporate pu rposes. We were in compliance with these requirements as of March 31, 2022. We had no outst anding balance under our CLOC and amounts available to borrow were limited by the debt-to-EBITDA covenant to approximately $427.5 million as of March 31, 2022. SUBSEQUENT EVENT – On April 1, 2022, we sent a notice of redemption to the trustee to fully redeem our outstanding $500 million 5.500% Senior Notes originally due in November 2022 (2022 Senior Notes). The redemption price is equal to 100% of the outstanding principal amount of the 2022 Senior Notes, plus accrued and unpaid interest up to, but not including, the redemption date. The 2022 Senior Notes were redeemed on May 2, 2022.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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