Debt

6 Months Ended

Dec. 31, 2019

Debt comprised of the following:



	December 31, 2019			June 30, 2019
Revolving credit facility, matures 2023	$	90.0		$	—
Three year term loan facility, due 2021	300.0			300.0
Five year term loan facility, due 2023	281.3			288.8
3.30% senior notes, due 2019	—			250.0
4.50% senior notes, due 2024	500.0			500.0
5.875% senior notes, due 2026	500.0			500.0
4.875% senior notes, due 2027	600.0			600.0
5.250% senior notes due 2029	500.0			500.0
Finance lease liabilities	17.1			19.9
Unamortized debt financing costs	(26.1		)	(28.5		)
Total debt and finance lease liabilities	$	2,762.3		$	2,930.2
Current maturities of long-term debt and finance lease liabilities	21.1			270.8
Total long-term debt and finance lease liabilities	$	2,741.2		$	2,659.4

The Company's aggregate scheduled maturities of the long-term debt as of December 31, 2019 were as follows:



	Amount
Twelve months ending December 31, 2020	$	15.0
Twelve months ending December 31, 2021	315.0
Twelve months ending December 31, 2022	15.0
Twelve months ending December 31, 2023	326.3
Twelve months ending December 31, 2024	500.0
Thereafter	1,600.0
Total debt	2,771.3
Unamortized debt financing costs	(26.1		)
Total debt, net of unamortized debt financing costs	$	2,745.2

Revolving Credit Facility. On August 17, 2018, the Company entered into a five-year senior unsecured revolving credit facility (the "revolving credit facility"). The revolving credit facility provides up to $750.0 million of borrowing capacity and includes a sub-limit of up to $100.0 million for loans in Euro, Pound Sterling, and, if approved by the revolving lenders, other currencies. The average outstanding balances of the revolving credit facility were $150.0 million and $371.9 million for the three months ended December 31, 2019 and 2018, respectively, and $75.2 million and $211.2 million for the six months ended December 31, 2019 and 2018, respectively.

Term Loan Facilities. The three year term loan facility due 2021 and the five year term loan facility due 2023 had interest rates per annum of 3.30% and 3.43%, respectively, as of December 31, 2019.

London Interbank Market (“LIBOR”) Transition. LIBOR is the subject of recent national, international and other regulatory guidance and proposals for reform. These reforms and other pressure may cause LIBOR to disappear entirely or to perform differently than in the past. It is expected that certain banks will stop reporting information used to set LIBOR at the end of 2021 when their reporting obligations cease. This will effectively end the usefulness of LIBOR and may end its publication. The consequences of these developments cannot be entirely predicted but, as noted above, could impact the interest rates of the revolving credit facility and the five year term loan. If LIBOR is no longer widely available, the Company will pursue alternative interest rate calculations in its revolving credit facility and five year term loan agreements. However, if no alternative rate can be determined, the LIBOR rate component will no longer be utilized in determining the rates. As of December 31, 2019 and June 30, 2019, the hypothetical impact to the Company’s interest rates without utilizing the LIBOR rate component would not have had a material effect on either rate, thus the Company does not believe the discontinuation of LIBOR will have a material impact on its financial position and results of operations.

Restrictive Covenants and Other Matters. The revolving credit facility, the three year term loan facility, and the five year term loan facility are together referred to as the "credit facilities." The credit facilities contain various covenants and restrictive provisions that limit the Company's subsidiaries' ability to incur additional indebtedness, the Company's ability to consolidate or merge with other entities, and the Company's subsidiaries' ability to incur liens, enter into sale and leaseback transactions, and enter into agreements restricting the ability of the Company's subsidiaries to pay dividends. If the Company fails to perform the obligations under these and other covenants, the revolving credit facility could be terminated and any outstanding borrowings, together with accrued interest, under the credit facilities could be declared immediately due and payable. The credit facilities also have, in addition to customary events of default, an event of default triggered by the acceleration of the maturity of any other indebtedness the Company may have in an aggregate principal amount in excess of $75.0 million.

The credit facilities also contain financial covenants that will provide that (i) the ratio of total consolidated indebtedness to consolidated EBITDA shall not exceed 3.75 to 1.00 and (ii) the ratio of consolidated EBITDA to consolidated interest expense shall be a minimum of 3.00 to 1.00.

Senior Notes. In November 2016, Moody's and S&P lowered their credit ratings on the senior notes to Ba1 (Stable Outlook) from Baa3 (Negative Outlook) and to BB+ (Stable Outlook) from BBB- (Negative Outlook), respectively. The downgrades triggered interest rate adjustments for the 2019 and 2024 notes. Interest rates for the 2019 and 2024 notes increased to 3.80% from 3.30% and to 5.00% from 4.50%, respectively, effective October 15, 2016. On August 13, 2019, S&P affirmed their rating at BB+ but revised their outlook to Negative from Stable.

Finance Lease Liabilities. The Company has lease agreements for equipment, which are classified as finance lease liabilities. Refer to Note 10, Leases for scheduled maturities and additional information relating to finance lease liabilities.

Unamortized Debt Financing Costs. As of December 31, 2019 and June 30, 2019, gross debt issuance costs related to debt instruments were $41.3 million. Accumulated amortization was $15.2 million and $12.8 million as of December 31, 2019 and June 30, 2019, respectively. Debt financing costs are amortized over the terms of the related debt instruments and recorded within interest expense on the consolidated statements of operations.