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DEBT | 9 Months Ended
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Mar. 24, 2021
Debt Disclosure [Abstract] |
Debt | Long-term debt consists of the following:
| March 24, 2021 |  | June 24, 2020
Revolving credit facility | $ | 291.3 |  |  | $ | 472.9 |
5.000% notes | 350.0 |  |  | 350.0 |
3.875% notes | 300.0 |  |  | 300.0 |
Finance lease obligations | 97.0 |  |  | 102.1 |
Total long-term debt and finance leases | 1,038.3 |  |  | 1,225.0 |
Less: unamortized debt issuance costs and discounts | (3.5) |  |  | (4.3) |
Total long-term debt, less unamortized debt issuance costs and discounts | 1,034.8 |  |  | 1,220.7 |
Less: current installments of long-term debt(1) | (17.8) |  |  | (12.2) |
Long-term debt and finance leases less current installments | $ | 1,017.0 |  |  | $ | 1,208.5 |
(1)Current installments of long-term debt 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 11 - Accrued and Other Liabilities for further details. Revolving Credit Facility In the thirty-nine week period ended March 24, 2021, net repayments of $181.6 million were made on the $1.0 billion revolving credit facility. As of March 24, 2021, $708.7 million of credit was available under the revolving credit facility. Amended Revolving Credit Agreement In the first quarter of fiscal 2021, we executed the seventh amendment to our revolving credit facility, extending the maturity date to December 12, 2022. This amendment included a capacity reduction to $900.0 million from $1.0 billion which will occur on September 12, 2021. The issuance of certain debt or preferred equity interests will result in an immediate capacity reduction, an interest rate reduction of 0.250% on the spread and 0.100% reduction on the undrawn fee if the issuance exceeds $250.0 million pursuant to the terms of the agreement. The revolving credit facility bears interest of LIBOR plus an applicable margin of 2.250% to 3.000% and an undrawn commitment fee of 0.350% to 0.500%, both based on a function of our debt-to-cash-flow ratio. As of March 24, 2021, our interest rate was 3.750% consisting of the LIBOR floor of 0.750% plus the applicable margin of 3.000%. In the thirty-nine week period ended March 24, 2021, we incurred and capitalized $2.2 million of debt issuance costs, associated with the revolver amendment, which are included in Other assets in the Consolidated Balance Sheets (Unaudited). 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 March 24, 2021, we were in compliance with our covenants pursuant to the amended revolving credit facility and under the terms of the indentures governing our 3.875% notes and 5.000% notes. We expect to remain in compliance with our covenants during the remainder of fiscal 2021.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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