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Subsequent Event | 9 Months Ended
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Mar. 31, 2021
Subsequent Event |
Subsequent Event | 12. Subsequent Event In April 2021, we entered into the 2021 Credit Agreement under which we have the 2021 Term A Loan in an aggregate initial principal amount of $300,000 and the 2021 Revolver under which we can borrow up to $250,000, subject to the terms of the agreement. The 2021 Credit Agreement amends and restates the 2017 Credit Agreement. The 2021 Credit Facilities were used to refinance the outstanding 2017 Term A Loan and 2017 Revolver balances and to pay fees and expenses of the transaction. The 2021 Revolver contains a letter of credit facility. The 2021 Credit Facilities mature in April 2026. The 2021 Term A Loan is repayable in quarterly installments as set forth below, with the balance payable at maturity. ​
​ | ​ | ​ | ​
Payment Date |  | Quarterly Installment
June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 | ​ | $ | 1,875
June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 | ​ | $ | 3,750
June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 | ​ | $ | 3,750
June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 | ​ | $ | 5,625
June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026 | ​ | $ | 7,500
​ Borrowings under the 2021 Credit Facilities bear interest at rates based on the First Lien Net Leverage Ratio, as defined in the 2021 Credit Agreement. The interest rate per annum applicable to the loans under the Credit Facilities will be based on a fluctuating rate of interest equal to the sum of an applicable rate and, at the Company’s election from time to time, either (1) a base rate determined by reference to the highest of (a) the “prime rate” as publicly announced from time to time (b) the federal funds effective rate plus 0.50% and (c) one-month LIBOR plus 1.00%, or (2) a Eurocurrency rate determined by reference to LIBOR with a term as selected by the Company, of one day or one, three or six months (or twelve months or any shorter amount of time if consented to by all of the lenders under the applicable loan). The Credit Facilities have applicable rates equal to (x) 1.00%, in the case of base rate loans, and 2.00%, in the case of LIBOR loans, if the First Lien Net Leverage Ratio is greater than or equal to 3.50:1.00, (y) 0.75%, in the case of base rate loans, and 1.75%, in the case of LIBOR loans, if the 2021 First Lien Net Leverage Ratio is less 3.50:1.00 but greater than or equal to 2.25:1.00, and (z) 0.50%, in the case of base rate loans, and 1.50%, in the case of LIBOR loans, if the First Lien Net Leverage Ratio is less than 2.25:1.00. The applicable rates under the 2021 Credit Agreement compare with the 2017 Credit Agreement as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
First Lien Net | ​ | 2021 Credit Agreement | ​ | ​ | ​ | 2017 Credit Agreement |
Leverage Ratio | ​ | Applicable rates* | ​ | ​ | ​ | Applicable rates* | ​
​ |  | Base Rate loans |  | LIBOR loans |  | ​ |  | Base Rate loans |  | LIBOR loans | ​
≥3.50:1.00 |  | 1.00% | ​ | 2.00% | ​ | ≥3.00:1.00 |  | 1.00% | ​ | 2.00% | ​
≥2.25:1.00 and <3.50:1.00 |  | 0.75% | ​ | 1.75% | ​ | ≥2.25:1.00 and <3.00:1.00 |  | 0.75% | ​ | 1.75% | ​
<2.25:1.00 |  | 0.50% | ​ | 1.50% | ​ | <2.25:1.00 |  | 0.50% | ​ | 1.50% | ​
​ * Range of applicable rates, depending upon the First Lien Net Leverage ratio The Company must pay a quarterly commitment fee based upon the product of (i) the applicable rate as described below and (ii) the actual daily amount by which the aggregate revolving commitments exceed the sum of (A) the outstanding revolving credit loans under the 2021 Revolver and (B) obligations associated with any outstanding letters of credit in the applicable quarterly period. The Company also must pay the letter of credit issuer fees based upon the amount available to be drawn under such letters of credit. The applicable rate under the Credit Facilities with respect to the commitment fee described in the immediately preceding paragraph is equal to (x) 0.30% if the First Lien Net Leverage Ratio is greater than or equal to 3.50:1.00, (y) 0.25% if the First Lien Net Leverage Ratio is less 3.50:1.00 but greater than or equal to 2.25:1.00, and (z) 0.20% if the First Lien Net Leverage Ratio is less than 2.25:1.00. The 2021 Credit Agreement is subject to substantially the same affirmative and negative covenants and events of default as the 2017 Credit Agreement, subject to certain exceptions and thresholds. The 2021 Credit Facilities are secured by substantially the same collateral as the collateral that secured the obligations under the 2017 Credit Agreement, subject to certain exceptions and thresholds.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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