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Financing (Malibu Boat LLC [Member])
 6 Months Ended
Dec. 31, 2013
Malibu Boat LLC [Member]
  
Debt Instrument [Line Items]  
Financing
Financing
Outstanding debt consisted of the following:
 
 
As of December 31, 2013
 
As of June 30, 2013
Short-term debt
 
 
 
 
Notes payable—equipment
 
$
35

 
$
76

Current maturities of long-term debt
 
4,063

 
3,250

Long-term debt
 
 
 
 
Notes payable—equipment
 
—

 
—

Term loan
 
59,312

 
—

Previous term loan
 
—

 
20,263

 
 
63,410

 
23,589

Less current maturities
 
(4,098
)
 
(3,326
)
Total debt less current maturities
 
$
59,312

 
$
20,263


Long-Term Debt
New Revolving Line of Credit and Term Loan. On July 16, 2013, the Company entered into a credit agreement with a syndicate of banks led by SunTrust Bank that included a revolving credit facility and term loan (the “Credit Agreement”). The proceeds from the Credit Agreement were used to repay the Company’s previously existing revolving credit facility and term loan with the same bank.
The Credit Agreement is comprised of a $10,000 revolving commitment, none of which was outstanding as of December 31, 2013, and a $65,000 term loan commitment, $63,375 of which was outstanding as of December 31, 2013. The revolving credit facility and term loan are collateralized by substantially all of the Company’s assets. Borrowings under the Credit Agreement bear interest at the Company’s option of Bank Prime or London Interbank Offered Rate (“LIBOR”) plus the applicable margin, as defined in the Credit Agreement. The term loan is payable in quarterly principal installments of $813 beginning December 31, 2013, increasing to $1,219 on September 30, 2014, increasing to $1,625 on September 30, 2015, increasing to $2,032 on September 30, 2016 and increasing to $2,438 on September 30, 2017 through March 30, 2018, with all unpaid principal due on July 16, 2018. Both the revolving loan commitment and the term loan commitment mature on July 16, 2018.

The Company has a swingline line of credit from SunTrust Bank in the principal amount of up to $2,000 due on or before July 16, 2018. Any amounts drawn under the swingline line of credit reduce the capacity under the revolving credit facility. As of December 31, 2013, the Company had no outstanding balance under the swingline facility.
In addition, the Company has the ability to issue letters of credit under its new revolving credit and term loan agreement up to $3,000, none of which was outstanding as of December 31, 2013. This letter of credit availability may be reduced by borrowings under the revolving line of credit. The Company’s access to these letters of credit expires July 16, 2018 with the expiration of access to the revolving commitment.
Repayment of Debt
On February 5, 2014, the Company used a portion of the net proceeds from the IPO of Malibu Boats, Inc. to pay down all of the amounts owed under its credit facilities and term loans in an amount equal to $63,410. Refer to Note 11 for further information regarding the IPO.