DEBT

6 Months Ended

Dec. 25, 2019

Long-term debt consists of the following:



	December 25, 2019			June 26, 2019
Revolving credit facility	$	570.3		$	523.3
5.000% notes	350.0			350.0
3.875% notes	300.0			300.0
Finance lease obligations (refer to Note 3 - Leases)	85.3			48.4
Total long-term debt	1,305.6			1,221.7
Less unamortized debt issuance costs and discounts	(4.9		)	(5.4		)
Total long-term debt and finance leases, less unamortized debt issuance costs and discounts	1,300.7			1,216.3
Less current installments of long-term debt and finance leases⁽¹⁾	(10.5		)	(9.7		)
Long-term debt and finance leases, less current installments	$	1,290.2		$	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 twenty-six week period ended December 25, 2019, net borrowings of $47.0 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) and share repurchases. As of December 25, 2019, $429.7 million of credit was available under the revolving credit facility.

The 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%. At December 25, 2019 the revolver interest rate was 3.180% that consisted of one month LIBOR of 1.805% plus the related applicable revolver margin of 1.375%. 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.

Under the revolving credit facility, the maturity date for $890.0 million of the facility is due on September 12, 2021. In the second quarter of fiscal 2020, we modified the revolving credit facility to extend the maturity date for the remaining $110.0 million of the facility from March 12, 2020 to September 12, 2021, which correlates with the maturity date for the $890.0 million. We capitalized debt issuance costs of $1.0 million associated with this amendment, which are included in Other assets in the Consolidated Balance Sheets (Unaudited) at December 25, 2019.

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 2024 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 “2023 Notes”). The 2023 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 December 25, 2019, we are in compliance with all financial covenants.