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DEBT AND NOTES PAYABLE
 12 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
DEBT AND NOTES PAYABLE
(10) DEBT AND NOTES PAYABLE
Long-term debt and notes payable consisted of the following (in thousands):
June 30,
20222021
Credit Facility$150,000 $75,000 
Notes payable to members, net of discount298,994 394,943 
Other notes payable5,333 8,628 
Total debt and notes payable454,327 478,571 
Less: current portion(250,859)(174,243)
Total long-term debt and notes payable$203,468 $304,328 
Credit Facility
PHSI, along with its consolidated subsidiaries, Premier LP and PSCI, as Co-Borrowers, Prior Premier GP and certain domestic subsidiaries of the Co-Borrowers, as guarantors, entered into an unsecured Credit Facility, dated as of November 9, 2018 (the “Credit Facility”). The Credit Facility has a maturity date of November 9, 2023, subject to up to two one-year extensions at the request of the Co-Borrowers and approval of a majority of the lenders under the Credit Facility. The Credit Facility provides for borrowings of up to $1.0 billion with (i) a $50.0 million sub-facility for standby letters of credit and (ii) a $100.0 million sub-facility for swingline loans. The Credit Facility also provides that Co-Borrowers may from time to time (i) incur incremental term loans and (ii) request an increase in the revolving commitments under the Credit Facility, together up to an aggregate $350.0 million, subject to the approval of the lenders providing such term loans or revolving commitment increases. The Credit Facility includes an unconditional and irrevocable guaranty of all obligations under the Credit Facility by Premier GP, certain domestic subsidiaries of Premier GP and future guarantors, if any, Premier, Inc. is not a guarantor under the Credit Facility.
Outstanding borrowings under the Credit Facility bear interest on a variable rate structure with borrowings bearing interest at either London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from 1.000% to 1.500% or the prime lending rate plus an applicable margin ranging from 0.000% to 0.500%. At June 30, 2022, the weighted average interest rate on outstanding borrowings under the Credit Facility was 2.178%. The Co-Borrowers are required to pay a commitment fee ranging from 0.100% to 0.200% per annum on the actual daily unused amount of commitments under the Credit Facility. At June 30, 2022, the commitment fee was 0.100%. The Credit Facility contains customary representations and warranties as well as customary affirmative and negative covenants, including, among others, limitations on liens, indebtedness, fundamental changes, dispositions, restricted payments and investments. Premier GP was in compliance with all such covenants at June 30, 2022. The Credit Facility also contains customary events of default, including cross-defaults of any indebtedness or guarantees in excess of $75.0 million. If any event of default occurs and is continuing, the administrative agent under the Credit Facility may, with the consent, or shall, at the request of a majority of the lenders under the Credit Facility, terminate the commitments and declare all of the amounts owed under the Credit Facility to be immediately due and payable.
Proceeds from borrowings under the Credit Facility may generally be used to finance ongoing working capital requirements, including permitted acquisitions, repurchases of Class A common stock pursuant to any then-existing stock repurchase programs, dividend payments, if and when declared, and other general corporate activities. During the year ended June 30, 2022, the Company borrowed $325.0 million and repaid $250.0 million of borrowings under the Credit Facility. The Company had $150.0 million in outstanding borrowings under the Credit Facility at June 30, 2022 with $849.9 million of available borrowing capacity after reductions for outstanding borrowings and outstanding letters of credit.
During the year ended June 30, 2022, interest expense on borrowings under the Credit Facility was $2.8 million and interest paid during the period was $2.6 million. During the year ended June 30, 2021 interest expense on borrowings under the Credit Facility and interest paid during the period was $2.2 million
Notes Payable
Notes Payable to Former Limited Partners
At June 30, 2022, the Company had $299.0 million of notes payable to former limited partners, net of discounts on notes payable of $9.1 million, of which $97.8 million was recorded to current portion of notes payable to former limited partners in the accompanying Consolidated Balance Sheets. At June 30, 2021, the Company had $394.9 million of notes payable to former limited partners, net of discounts on notes payable of $15.8 million, of which $95.9 million was recorded to current portion of notes payable to former limited partners in the accompanying Consolidated Balance Sheets. The notes payable to former limited
partners were issued in connection with the early termination of the TRA as part of the August 2020 Restructuring. Although the notes payable to former limited partners are non-interest bearing, pursuant to GAAP requirements, they were recorded net of imputed interest at a fixed annual rate of 1.8%. During the year ended June 30, 2022, the Company paid $102.7 million to members including imputed interest of $6.7 million. During the year ended June 30, 2021, the Company paid $51.3 million to members including imputed interest of $7.3 million.
Other
At June 30, 2022 and 2021, the Company had $5.3 million and $8.6 million in other notes payable, respectively, of which $3.1 million and $3.3 million, respectively, were included in current portion of long-term debt in the accompanying Consolidated Balance Sheets. Other notes payable do not bear interest and generally have stated maturities of three to five years from their date of issuance.
Future minimum principal payments on the notes as of June 30, 2022 are as follows (in thousands):
2023$105,738 
2024104,231 
2025103,419 
2026— 
2027— 
Total principal payments$313,388