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Debt
 3 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt

Note 8. Debt

As of June 30, 2021, the Company had outstanding borrowings of $273.0 million under a term loan and $5.0 million under an associated revolving credit facility (together, the “Prior Credit Facility”). On July 12, 2021, amounts outstanding under the Prior Credit Facility were repaid in full from proceeds of the IPO. As a result of the extinguishment of the debt, a loss of $2.4 million related to the write-off of unamortized financing costs, has been recorded as a loss on debt extinguishment in the unaudited condensed consolidated statement of operations for the three months ended September 30, 2021. As of September 30, 2021, the Company had no outstanding borrowings under the Prior Credit Facility.

 

 

Debt-related interest expense for the three months ended September 30, 2021 and 2020 was $0.2 million and $6.0 million, respectively, net of amortization of deferred financing costs, and $5.8 million was accrued as interest payable on outstanding amounts under the Prior Credit Facility as of June 30, 2021. The weighted average interest rate for the three months ended September 30, 2021 and 2020 was 8.3% and 8.4%, respectively.

On October 5, 2021, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (“JPMorgan”). The Credit Agreement provides for a five-year, senior secured revolving credit facility of $100.0 million with a sub-facility for letters of credit in the aggregate amount of up to $10.0 million (the “JPMorgan Credit Facility”). No amounts have been borrowed under the JPMorgan Credit Facility. See Note 13, Subsequent Events, for additional details.