DEBT

3 Months Ended

Sep. 25, 2019

Long-term debt consists of the following:



	September 25, 2019			June 26, 2019
Revolving credit facility	$	595.3		$	523.3
5.000% notes	350.0			350.0
3.875% notes	300.0			300.0
Finance lease obligations (refer to Note 3 - Leases)	83.8			48.4
Total long-term debt	1,329.1			1,221.7
Less unamortized debt issuance costs and discounts	(5.1		)	(5.4		)
Total long-term debt and finance leases, less unamortized debt issuance costs and discounts	1,324.0			1,216.3
Less current installments of long-term debt and finance leases⁽¹⁾	(10.2		)	(9.7		)
Long-term debt and finance leases, less current installments	$	1,313.8		$	1,206.6


⁽¹⁾	Current installments of long-term debt and finance leases consist only of finance leases for the periods presented and are recorded within Other accrued liabilities in the Consolidated Balance Sheets (Unaudited). Refer to Note 10 - Accrued and Other Liabilities for further details.

Revolving Credit Facility

During the thirteen week period ended September 25, 2019, net borrowings of $72.0 million were drawn on the $1.0 billion revolving credit facility primarily to fund the acquisition of Chili’s restaurants (refer to Note 2 - Chili’s Restaurant Acquisition). As of September 25, 2019, $404.7 million of credit was available under the revolving credit facility.

Under the amended $1.0 billion revolving credit facility, the maturity date for $890.0 million of the facility was extended from March 12, 2020 to September 12, 2021 and the remaining $110.0 million remains due on March 12, 2020. The amended revolving credit facility generally bears interest of LIBOR plus an applicable margin, which is a function of our credit rating and debt to cash flow ratio, but is subject to a maximum of LIBOR plus 2.000%. For a period of 180 days following the fiscal 2018 amendment to the revolving credit facility that occurred in May 2018, we paid interest at a rate of LIBOR plus 1.700%. Effective October 2018, we resumed paying interest at a rate of LIBOR plus 1.375% for a total of 3.429%. One month LIBOR at September 25, 2019 was approximately 2.054%. LIBOR is set to terminate in December 2021, however our revolver will expire before this date and we anticipate any new financings will be at the applicable interest rates.

5.000% Notes

In fiscal 2017, we completed the private offering of $350.0 million of our 5.000% senior notes due October 2024 (the “2024 Notes”). We received proceeds of $350.0 million and utilized the proceeds to fund a $300.0 million accelerated share repurchase agreement and to repay $50.0 million on the amended $1.0 billion revolving credit facility. The notes require semi-annual interest payments which began on April 1, 2017.

3.875% Notes

In fiscal 2013, we issued $300.0 million of 3.875% notes due in May 2023. The notes require semi-annual interest payments which began in the second quarter of fiscal 2014.

Financial Covenants

Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage and fixed charge coverage ratios. As of September 25, 2019, we are in compliance with all financial covenants.