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FINANCING ARRANGEMENTS | 12 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | The Company's long-term debt consists of the following:
|  |  |  | Interest rate % |  |  |  |
|  |  |  | Fiscal Years |  | June 30,
|  | Maturity Dates |  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (fiscal year) |  |  |  |  |  | (Dollars in thousands)
Senior term notes - 5.75% |  | 2018 |  | — |  | 5.75 |  | $ | — |  |  | $ | 120,000 |
Senior term notes - 5.50% |  | 2020 |  | 5.5 |  | — |  | 120,435 |  |  | — |
Revolving credit facility |  | 2018 |  | — |  | — |  | — |  |  | — |
Equipment and leasehold notes payable |  | 2015 - 2016 |  | 4.90 - 8.75 |  | 4.90 - 8.75 |  | — |  |  | 2 |
|  |  |  |  |  |  |  | 120,435 |  |  | 120,002 |
Less current portion (included in accrued expenses) |  |  |  |  |  |  |  | — |  |  | (2 | )
Long-term portion |  |  |  |  |  |  |  | $ | 120,435 |  |  | $ | 120,000 |
The debt agreements contain covenants, including limitations on incurrence of debt, granting of liens, investments, merger or consolidation, certain restricted payments and transactions with affiliates. In addition, the Company must adhere to specified fixed charge coverage and leverage ratios. The Company was in compliance with all covenants and other requirements of our financing arrangements as of June 30, 2016. Convertible Senior Notes In July 2014, the Company settled its $172.5 million 5.0% convertible senior notes in cash. Senior Term Notes In December 2015, the Company exchanged its $120.0 million 5.75% senior notes due December 2017 for $123.0 million 5.5% senior notes due December 2019 (Senior Term Notes). The Senior Term Notes were issued at a $3.0 million discount which will be amortized to interest expense over the term of the notes. The Company accounted for this non-cash exchange as a debt modification, as it was with the same lenders and the changes in terms were not considered substantial. Interest on the Senior Term Notes is payable semi-annually in arrears on June 1 and December 1 of each year. The Senior Term Notes rank equally with the Company's existing senior unsecured debt. The Senior Term Notes are unsecured and not guaranteed by any of the Company's subsidiaries or any third party. The following table contains details related to the Company's Senior Term Notes:
|  | June 30, 2016
|  | (Dollars in thousands)
Principal amount on the Senior Term Notes |  | $ | 123,000 |
Unamortized debt discount |  | (2,565 | )
Net carrying amount of Senior Term Notes |  | $ | 120,435 |
Revolving Credit Facility In January 2016, the Company amended its revolving credit facility primarily reducing the borrowing capacity from $400.0 to $200.0 million. The revolving credit facility expires in June 2018 and has rates tied to a LIBOR credit spread and a quarterly facility fee on the average daily amount of the facility (whether used or unused). Both the LIBOR credit spread and the facility fee are based on the Company's debt to EBITDA ratio at the end of each fiscal quarter. In addition, the Company may request an increase in revolving credit commitments under the facility of up to $200.0 million under certain circumstances. Events of default under the credit agreement include change of control of the Company and the Company's default with respect to other debt exceeding $10.0 million. As of June 30, 2016 and 2015, the Company had no outstanding borrowings under this revolving credit facility. Additionally, the Company had outstanding standby letters of credit under the revolving credit facility of $1.6 and $2.1 million at June 30, 2016 and 2015, respectively, primarily related to its self-insurance program. Unused available credit under the facility at June 30, 2016 and 2015 was $198.4 and $397.9 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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