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BORROWINGS
 12 Months Ended
Jun. 30, 2024
BORROWINGS.  
BORROWINGS

8.BORROWINGS

Revolving Credit Facility

Our senior secured credit facility comprises a term loan and a $600 million revolving credit facility which mature in December 2026. The revolving credit facility includes a $300 million sub-limit for letters of credit. Under certain circumstances and subject to certain conditions, we have the ability to increase the revolving credit facility by an amount equal to the greater of $250 million or such amount as would not cause our secured leverage ratio to exceed a specified level. Borrowings under the amended facility bore interest at SOFR plus a margin of 1.0% as of June 30, 2024 (which margin can range from 1.0% to 1.75% based on our consolidated net leverage ratio as defined in the credit facility). Letters of credit reduce the amount available to borrow under the credit facility by their face value amount. The unused portion of the facility bore a commitment fee of 0.10% as of June 30, 2024 (which fee can range from 0.10% to 0.25% based on our consolidated net leverage ratio as defined in the credit facility). Our borrowings under the credit agreement are guaranteed by certain of our U.S.-based subsidiaries and are secured by substantially all of our assets and substantially all the assets of certain of our subsidiaries. The credit facility contains various representations and warranties, affirmative, negative and financial covenants and events of default. As of June 30, 2024, there were $384.0 million of borrowings outstanding under the revolving credit facility, $74.5 million outstanding under the letters of credit sub-facility, and $135.6 million outstanding under the term loan. As of June 30, 2024, the amount available to borrow under the revolving credit facility was $141.5 million. Loan amounts under the revolving credit facility may be borrowed, repaid and re-borrowed during the term. The principal amount of each loan is due and payable in full on the maturity date. We have the right to repay each loan in whole or in part from time to time without penalty. It is our practice to routinely borrow and repay several times per year under the revolving facility and therefore, borrowings under the revolving credit facility are included in current liabilities. As of June 30, 2024, we were in compliance with all financial covenants under this credit facility. In September 2022, we entered into an interest rate swap in order to mitigate the interest rate risk on a portion of the interest payments expected to be made on the borrowings outstanding under the revolving credit facility and term loan. Refer to Note 1 for details.

Other Borrowings

Several of our foreign subsidiaries maintain bank lines-of-credit, denominated in local currencies and U.S. dollars, primarily for the issuance of letters-of-credit. As of June 30, 2024, $54.4 million was outstanding under these letter-of-credit facilities. As of June 30, 2024, the total amount available under these credit facilities was $34.2 million.

Long-term debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

June 30, 

​

​

2023

    

2024

Term loan

​

$

143,125

​

$

135,625

Other long-term debt

​

 

1,442

​

​

1,925

​

​

 

144,567

​

​

137,550

Less current portion of long-term debt

​

 

(8,076)

​

​

(8,167)

Long-term portion of debt

​

$

136,491

​

$

129,383

​

Fiscal year principal payments of long-term debt as of June 30, 2024 are as follows (in thousands):

​

​

​

​

​

2025

    

$

8,167

2026

​

​

8,119

2027

​

​

121,115

2028

​

​

145

2029 and thereafter

​

​

4

Total

​

$

137,550

​

In July 2024 we issued $350 million aggregate principal amount of our 2.25% convertible senior notes (“Notes”) due August 2029. The initial conversion rate is 5.2090 shares of the Company’s common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $191.98 per share of the Company’s common stock.