SEC filing – odaterad – R14.htm

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LONG-TERM DEBT

6 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]
 

LONG-TERM DEBT
NOTE 6: LONG-TERM DEBT
The components of long-term debt are as follows:

(in 000s)
As of December 31, 2024 June 30, 2024
Senior Notes, 5.250%, due October 2025
$ 350,000   $ 350,000 
Senior Notes, 2.500%, due July 2028
500,000   500,000 
Senior Notes, 3.875%, due August 2030
650,000   650,000 
Committed line of credit borrowings 790,000   — 
Debt issuance costs and discounts (7,844) (8,905)
Total long-term debt 2,282,156   1,491,095 
Less: Current portion (349,611) — 
Long-term portion $ 1,932,545   $ 1,491,095 
Estimated fair value of long-term debt $ 2,193,000   $ 1,391,000 

Our unsecured committed line of credit (CLOC) provides for an unsecured senior revolving credit facility in the aggregate principal amount of $1.5 billion, which includes a $175.0 million sublimit for swingline loans and a $50.0 million sublimit for standby letters of credit. We may request increases in the aggregate principal amount of the revolving credit facility of up to $500.0 million, subject to obtaining commitments from lenders and meeting certain other conditions. The CLOC will mature on June 11, 2026, unless extended pursuant to the terms of the CLOC, at which time all outstanding amounts thereunder will be due and payable. Our CLOC includes an annual facility fee, which will vary depending on our then current credit ratings.
The CLOC is subject to various conditions, triggers, events or occurrences that could result in earlier termination and contains customary representations, warranties, covenants and events of default, including, without limitation: (1) a covenant requiring the Company to maintain a debt-to-EBITDA ratio, as defined by the CLOC agreement, calculated on a consolidated basis of no greater than (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on March 31, June 30, and September 30 of each year and (b) 4.50 to 1.00 as of the last day of each fiscal quarter ending on December 31 of each year; (2) a covenant requiring us to maintain an interest coverage ratio (EBITDA-to-interest expense) calculated on a consolidated basis of not less than 2.50 to 1.00 as of the last date of any fiscal quarter; and (3) covenants restricting our ability to incur certain additional debt, incur liens, merge or consolidate with other companies, sell or dispose of assets (including equity interests), liquidate or dissolve, engage in certain transactions with affiliates or enter into certain restrictive agreements. The CLOC includes provisions for an equity cure which could potentially allow us to independently cure certain defaults. Proceeds under the CLOC may be used for working capital needs or for other general corporate pu rposes. We were in compliance with these requirements as of December 31, 2024.
We had an outst anding balance of $790.0 million u nder our CLOC and amounts available to borrow were not limited by the debt-to-EBITDA covenant as of December 31, 2024.

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- Definition The entire disclosure for long-term debt.

+ References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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