| DEBT The Facilities
On February 27, 2026, the company fully repaid its Term Loan Facility (defined below). There was no outstanding balance under the Revolving Facility (defined below) at the March 30, 2026 maturity date. Term Loan Facilities
During the nine months ended March 31, 2026, the Company made aggregate payments of $255.1 million under the Term Loan Facilities, of which $250.0 million was repayment of principal and $5.1 million was payment of interest.
Revolving Facility
There were no payments made under the Revolving Facility during the nine months ended March 31, 2026.
On March 30, 2021, the Company, as borrower and certain domestic subsidiaries, as guarantors (the “Domestic Guarantors”), entered into an amended and restated credit agreement (as amended by a first amendment on April 3, 2023, the “Amended Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), the other financial institutions named as lenders therein, and Wells Fargo as administrative agent and collateral agent for the lenders, that extended the $700 million senior secured revolving credit facility (the “Revolving Facility”) and provided a $500 million senior secured term loan facility (the “Term Loan Facility,” and together with the Term Loan Facility, the “Facilities”), and extended the maturity of the Facilities to March 30, 2026. In addition, the Facilities include an option to request increases in the amounts of such credit facilities by up to an additional $500 million in the aggregate. The loans under the Term Loan Facility were payable in quarterly installments of $6.25 million per quarter, commencing with the quarter ending June 30, 2021. On February 27, 2026, we fully repaid the Term Loan Facility. The Facilities were scheduled to mature on March 30, 2026. There were no amounts outstanding under the Revolving Facility at maturity.
The obligations of the Company and certain domestic subsidiaries under the Amended Credit Agreement were guaranteed by the Domestic Guarantors and were collateralized by substantially all assets (excluding intellectual property) of the Company and the Domestic Guarantors.
There are no unamortized debt issuance costs as of March 31, 2026. Amortization of debt issuance costs included in interest expense for both the three months ended March 31, 2026 and March 31, 2025 were $0.3 million. Amortization of debt issuance costs included in interest expense for the nine months ended March 31, 2026 and March 31, 2025 were $1.0 million and $1.7 million, respectively.
The Company's debt consisted of the following (in thousands): | | | | | | | | | | | | | March 31, 2026 | | June 30, 2025 | | Term Loan Facility - short term | $ | — | | | $ | 250,000 | | | | | | | Debt issuance costs, net | — | | | (443) | | | Total Debt - short term | — | | | 249,557 | | | | | | | | | | | | | | | | | | | | | |
The Revolving Facility included a sub-limit of $25.0 million for letters of credit and a sub-limit of $25.0 million for swingline loans. The Facilities were available for working capital and general corporate purposes that comply with the terms of the Amended Credit Agreement, including to finance the repurchase of the Company’s common stock or to make dividends to the holders of the Company's common stock. Under the Amended Credit Agreement, revolving loans and swingline loans could be borrowed, repaid and reborrowed until March 30, 2026, at which time all amounts borrowed must be repaid. Loans under the Facilities could be prepaid at any time without penalty. There was no outstanding balance under the Revolving Facility at maturity.
The revolving loans and term loans under the Term Loan Facility bore interest, at the Company’s option, at either (i) a floating rate per annum equal to the Base Rate (as defined below) plus a margin of between 0.50% and 1.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter or (ii) a floating per annum rate equal to the Adjusted Term SOFR (as defined below) for a specified period, plus a margin of between 1.50% and 2.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. Swingline loans bore interest at a floating rate per annum equal to the Base Rate plus a margin of between 0.50% and 1.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. Base Rate was defined in the Amended Credit Agreement as the highest of (a) the Prime Rate (as defined in the Amended Credit Agreement), (b) the Federal Funds Rate (as defined in the Amended Credit Agreement) plus 0.50% and (c) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (provided that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable). The Base Rate should not be less than 1.00%. Adjusted Term SOFR was Term SOFR (as defined in the Amended Credit Agreement) plus 0.10% per annum; provided that Adjusted Term SOFR should in no event be less than 0.00%.
A default interest rate should apply on all obligations during certain events of default under the Amended Credit Agreement at a rate per annum equal to 2.00% above the applicable interest rate. The Company would pay to each lender a facility fee on a quarterly basis based on the unused amount of each lender’s commitment to make revolving loans, of between 0.20% and 0.35%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter. The Company would also pay to the applicable lenders on a quarterly basis certain fees based on the daily amount available to be drawn under each outstanding letter of credit, including aggregate letter of credit commissions of between 1.50% and 2.25%, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter, and issuance fees of 0.125% per annum. The Company was also obligated to pay Wells Fargo, as agent, fees customary for a credit facility of this size and type.
The Amended Credit Agreement required the Company to maintain during the term of the Facilities a maximum consolidated total leverage ratio of 3.50 to 1.00 and a minimum consolidated interest coverage ratio of 3.50 to 1.00. In addition, the Amended Credit Agreement contained customary affirmative and negative covenants, including covenants that limit or restrict the ability of the Company and its subsidiaries to, among other things, grant liens or enter into agreements restricting their ability to grant liens on property, enter into mergers, dispose of assets, change their accounting or reporting policies, change their business and incur indebtedness, in each case subject to customary exceptions for a credit facility of this size and type. The Amended Credit Agreement included customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain ERISA events. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Credit Agreement. On May 7, 2026, the Company, as borrower, and certain domestic subsidiaries, as guarantors, entered into the 2026 Credit Agreement (defined herein) with PNC Bank, National Association. See Note 15, “Subsequent Events” for additional information on the 2026 Credit Agreement.
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