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DEBT
 12 Months Ended
Jun. 26, 2024
Debt Disclosure [Abstract]  
DEBT
Long-term debt consists of the following:
June 26, 2024June 28, 2023
Revolving credit facility$— $161.3 
5.000% notes(1)
350.0 350.0 
8.250% notes
350.0 350.0 
Finance lease obligations105.4 67.8 
Total long-term debt805.4 929.1 
Less: unamortized debt issuance costs and discounts(5.0)(6.7)
Total long-term debt, less unamortized debt issuance costs and discounts800.4 922.4 
Less: current installments of finance lease obligations(2)
(14.1)(10.2)
Total long-term debt, less current portion$786.3 $912.2 
(1)Obligations under our 5.000% notes, which mature on October 1, 2024, have been classified as long-term, reflecting our intent and ability to refinance these notes through our existing revolving credit facility.
(2)Current installments of finance lease obligations, for the periods presented, are recorded within Other accrued liabilities in the Consolidated Balance Sheets. Refer to Note 5 - Accrued Liabilities for further details.
Excluding finance lease obligations and interest, our long-term debt maturities for the five fiscal years following June 26, 2024 and thereafter are as follows:
Fiscal YearLong-Term Debt
2025$350.0 
2026— 
2027— 
2028— 
2029— 
Thereafter350.0 
$700.0 
Revolving Credit Facility
The $900.0 million revolving credit facility, as amended, matures on August 18, 2026 and bears interest at a rate of SOFR plus an applicable margin of 1.60% to 2.35% and an undrawn commitment fee of 0.25% to 0.35%, both based on a function of our debt-to-cash-flow ratio. As of June 26, 2024, our interest rate was 6.94% consisting of SOFR of 5.34% plus the applicable margin and spread adjustment of 1.60%. As of June 26, 2024, there was $900.0 million of borrowing capacity under the revolving credit facility.
8.250% Notes
In fiscal 2023, we issued $350.0 million of 8.250% senior notes due July 15, 2030 (the “2030 Notes”). The 2030 Notes require semi-annual interest payments in arrears, on each January 15 and July 15, which began on January 15, 2024.
5.000% Notes
In fiscal 2017, we issued $350.0 million of 5.000% senior notes due October 1, 2024 (the “2024 Notes”). The notes require semi-annual interest payments which began on April 1, 2017.
Financial and Other Covenants
The indentures for the 2024 Notes and 2030 Notes contain certain covenants, including, but not limited to, limitations and restrictions on the ability of the Company and its Restricted Subsidiaries (as defined in the indentures) to (i) create liens on Principal Property (as defined in the Indenture) and (ii) merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of their property. These covenants are subject to a number of important conditions, qualifications, exceptions and limitations.
Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios. As of June 26, 2024, we were in compliance with our covenants pursuant to the $900.0 million revolving credit facility and under the terms of the indentures governing our 5.000% and 8.250% notes.