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Subsequent Event | 12 Months Ended
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Jun. 30, 2019
Subsequent Events [Abstract] |
Subsequent Event | 17. Subsequent Event Aerohive Acquisition On August 9, 2019 (the “Closing Date”) the Company completed its acquisition of Aerohive Networks, Inc, (“Aerohive”) a publicly held network company for approximately $264 million in cash consideration and assumption of certain employee equity awards. The acquisition will be accounted for using the acquisition method of accounting whereby the acquired assets and liabilities of Aerohive will be recorded at their respective fair values and added to those of the Company including an amount for goodwill representing the difference between the acquisition consideration and the fair value of the identifiable net assets. Results of operations of Aerohive will be included in the operations of the Company beginning with the Closing Date. As of the date of the filing of this Form 10-K, the initial purchase price allocation has not been prepared as there has not been sufficient time to complete the related activities. During the fiscal year ended June 30, 2019, the Company recognized related transaction costs of $0.8 million which is included in “Acquisition and integration costs” in the accompanying consolidated statements of operations. Borrowing Facility On August 9, 2019, the Company entered into an Amended and Restated Credit Agreement (the “2019 Credit Agreement”), by and among the Company, as borrower, several banks and other financial institutions as Lenders, BMO Harris Bank N.A., as an issuing lender and swingline lender, Silicon Valley Bank, as an Issuing Lender, and Bank of Montreal, as administrative agent and collateral agent for the Lenders. The 2019 Credit Agreement provides for a 5-year first lien term loan facility in an aggregate principal amount of $380 million (the “2019 Term Loan”) and a 5-year revolving loan facility in an aggregate principal amount of $75 million (the “2019 Revolving Facility”). In addition, Extreme may request incremental term loans and/or incremental revolving loan commitments in an aggregate amount not to exceed the sum of $100 million plus an unlimited amount that is subject to pro forma compliance with certain financial tests. In addition to funding a portion of the amount paid by the Company to acquire Aerohive, Extreme will use the proceeds of the 2019 Term Loan to pay off i) the Company’s existing 2018 Credit Agreement, ii) pay fees and expenses incurred in connection with the tender offer to acquire all of the outstanding shares of Aerohive’s common stock and iii) for working capital and general corporate purposes.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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