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Debt Obligations | 3 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations The following table summarizes the Company’s debt obligations:
|  |  |  |  |  |  |  | September 30, 2020 |  | June 30, 2020
(In thousands) |  | Debt Origination Date |  | Maturity |  | Original Borrowing Amount |  | Carrying Value |  | Weighted Average Interest Rate |  | Carrying Value |  | Weighted Average Interest Rate
Credit Facility |  | Revolver |  | 11/6/2023 |  | N/A |  | $ | 69,800 |  |  | 5.93 | % |  | $ | 122,000 |  |  | 4.91 | %
On July 23, 2020 (the "Effective Date"), pursuant to Amendment No. 3 to Amended and Restated Credit Agreement (the “Third Amendment”), the Company amended its existing senior secured revolving credit facility (such facility as amended to date, including pursuant to the Third Amendment, the “Amended Revolving Facility”) with certain financial institutions. The Third Amendment, among other things: 1.retained the amount of revolving commitments under the Amended Revolving Facility of $125.0 million and the sublimit on letters of credit and swingline loans of $15.0 million each; 2.added a $5.0 million quarterly commitment reduction beginning September 30, 2021; 3.adjusted from cash flow-based to an asset-based lending structure with borrowing a base equal to 85% of eligible accounts receivable plus 50% of eligible inventory with certain permitted maximum over advance amounts, minus certain reserves; 4.removed all previous financial covenants of net leverage ratio, interest coverage ratio and minimum EBITDA; 5.added a covenant relief period (commencing on the effective date and ending upon delivery of a compliance certificate on or after fiscal month ending September 30, 2021), during which the Company must comply with the following: (i) a minimum cumulative EBITDA covenant, tested on a monthly basis until the last day of June 2021; (ii) a standalone minimum monthly EBITDA covenant tested on the last day of July 2021 and August 2021; and (iii) a restriction on capital expenditures such that the amount of capital expenditures shall not exceed $25.0 million in the aggregate. 6.added covenant requiring the Company to comply with a minimum liquidity covenant, tested on a weekly basis; 7.added an anti-cash hoarding provision; 8.added a minimum fixed charge coverage ratio of 1.05:1.00 commencing with fiscal quarter ending September 30, 2021, and tested on a quarterly basis thereafter; 9.modified the applicable margin for base rate loans to range from PRIME + 3.50% to PRIME + 4.50% per annum and the applicable margin for Eurodollar loans to range from Adjusted LIBO Rate + 4.50% to Adjusted LIBO Rate + 5.50% per annum and fixed the commitment fee at 0.50%; 10.provided for the revolving commitments to be reduced upon the occurrence of certain asset dispositions and incurrence of non-permitted indebtedness and imposed additional restrictions on the Company’s ability to utilize certain other negative covenant baskets; and 11.added a requirement to provide mortgages and related mortgage instruments with respect to certain specified real property owned by the Company. The Amended Revolving Facility is subject to a variety of affirmative and negative covenants of types customary in a senior secured assets-based lending facility and it has no scheduled payback required on the principal prior to the maturity date on November 6, 2023. As of September 30, 2020, the Company was in compliance with all of the covenants under the Amended Revolving Facility and had utilized $4.3 million of the letters of credit sublimit. Effective March 27, 2019, the Company entered into an interest rate swap to manage the interest rate risk on its floating-rate indebtedness. See Note 4 for details.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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