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Long-Term Obligations and Other Short-Term Borrowings
 9 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Obligations and Other Short-Term Borrowings LONG-TERM OBLIGATIONS AND SHORT-TERM BORROWINGS
Long-term obligations and short-term borrowings consisted of the following at March 31, 2020 and June 30, 2019:
(Dollars in millions)Maturity as of March 31, 2020March 31, 2020June 30, 2019
Senior secured credit facilities
Term loan facility U.S. dollar-denominatedMay 2026$930.5  $936.2  
       Term loan facility euro-denominatedMay 2024—  346.8  
Revolving credit facility May 2024200.0  —  
Euro-denominated 4.75% Senior Notes due 2024December 2024—  428.3  
U.S. dollar-denominated 4.875% Senior Notes due 2026January 2026445.2  444.6  
U.S. dollar-denominated 5.00% Senior Notes due 2027July 2027492.8  492.1  
Euro-denominated 2.375% Senior Notes due 2028March 2028894.1  —  
Deferred purchase considerationOctober 202196.7  143.9  
Capital lease obligations2020 to 2044137.1  167.3  
Other obligations2020 to 20242.3  0.1  
Total$3,198.7  $2,959.3  
Less: current portion of long-term obligations and other short-term
borrowings		271.8  76.5  
Long-term obligations, less current portion $2,926.9  $2,882.8  
Euro-denominated 2.375% Senior Notes due 2028
In March 2020, Operating Company completed a private offering of €825.0 million aggregate principal amount of 2.375% Senior Notes due 2028 (the "Euro 2028 Notes"). The Euro 2028 Notes are fully and unconditionally guaranteed, jointly and severally, by all of the wholly owned U.S. subsidiaries of Operating Company that guarantee its senior secured credit facilities. The Euro 2028 Notes were offered in the U.S. to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the U.S. only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Euro 2028 Notes will mature on March 1, 2028, bear interest at the rate of 2.375% per annum and are payable semi-annually in arrears on March 1 and September 1 of each year. The proceeds of the Euro 2028 Notes after payment of the offering fees and expenses were used to repay in full the outstanding borrowings under Operating Company's euro-denominated term loans under its senior secured credit agreement that mature in May 2024 and euro-denominated 4.75% Senior Notes that mature in December 2024, plus any accrued and unpaid interest thereon, with the remainder available for general corporate purposes.
Previously, the Company disclosed that the maturity date set forth in the table above for its U.S. dollar-denominated term loan was earlier than stated if any of its euro-denominated 4.75% Senior Notes was still outstanding at its maturity. Having paid off that euro debt, the exception no longer applies.
Revolving Credit Facility
The Company borrowed $200.0 million in March 2020 under Operating Company's revolving credit facility prophylactically in response to unsettled market conditions resulting from the COVID-19 pandemic to increase liquidity for general corporate purposes. Such borrowing remained outstanding as of March 31, 2020 and bore interest at the rate of 2.93% during the portion of the three months ended March 31, 2020 when such borrowing existed.
The Company also incurred interest cost of $0.4 million as a result of borrowing $100.0 million under Operating Company's revolving credit facility in January 2020, which was repaid in February 2020 from a portion of the proceeds of the
February 2020 Equity Offering. A portion of the proceeds of the January 2020 borrowing were used to pay the cash acquisition cost of land and buildings previously leased by Gene Therapy.
Deferred Purchase Consideration
In connection with the acquisition of Catalent Indiana, LLC in October 2017, $200.0 million of the $950.0 million aggregate nominal purchase price is payable in $50.0 million installments, on each of the first four anniversaries of the closing date. The Company made installment payments in October 2018 and October 2019. The balance of the deferred purchase consideration was recorded at fair value as of the acquisition date, with the difference between the remaining nominal amount and the fair value treated as imputed interest.
Fair Value of Debt Instruments
The estimated fair values of the Company's senior secured credit facilities and other senior indebtedness are classified as Level 2 in the fair value hierarchy and are calculated by using discounted cash flow models with the market interest rate as a significant input. The carrying amounts and the estimated fair values of financial instruments as of March 31, 2020 and June 30, 2019 are as follows:
March 31, 2020June 30, 2019
(Dollars in millions)Fair Value Measurement
Carrying
Value
Estimated Fair
Value
Carrying
Value
Estimated Fair
Value
Euro-denominated 4.75% senior notes due
2024		Level 2$—  $—  $428.3  $454.2  
U.S. dollar-denominated 4.875% senior notes
due 2026		Level 2445.2  438.7  444.6  457.0  
U.S. dollar-denominated 5.00% senior notes
due 2027		Level 2492.8  482.7  492.1  509.0  
Euro-denominated 2.375% senior notes due
2028		Level 2894.1  789.2  —  —  
Senior secured credit facilities & otherLevel 21,366.6  1,334.7  1,594.3  1,526.0  
Total$3,198.7  $3,045.3  $2,959.3  $2,946.2