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Long - Term Debt and Capital Leases
12 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND CAPITAL LEASES
LONG-TERM DEBT AND CAPITAL LEASES
Long-term debt and capital lease obligations consisted of the following at June 30:
(in thousands)
2013

 
2012

2.65% Senior Unsecured Notes due 2019 net of discount of $0.5 million for 2013
$
399,519

 
$

3.875% Senior Unsecured Notes due 2022 net of discount of $0.3 million for 2013 and $0.4 million for 2012
299,683

 
299,646

Credit Agreement:
 
 
 
U.S. Dollar-denominated borrowings, 1.08% in 2013 and 1.24% in 2012, due 2018
3,600

 
212,200

Capital leases with terms expiring through 2018 at 2.3% to 5.4% in 2013 and
2.3% to 5.7% in 2012
4,553

 
6,195

Other
9

 
6,139

Total debt and capital leases
707,364

 
524,180

Less current maturities:
 
 
 
Long-term debt
(3,600
)
 
(27,200
)
Other
(9
)
 
(5,814
)
Capital leases
(129
)
 
(558
)
Total current maturities
(3,738
)
 
(33,572
)
Long-term debt and capital leases, less current maturities
$
703,626

 
$
490,608

Senior Unsecured Notes On November 7, 2012, we issued $400.0 million of 2.65 percent Senior Unsecured Notes due in 2019. Interest is paid semi-annually on May 1 and November 1 of each year. We used the net proceeds from this notes offering to repay outstanding indebtedness under our credit facility and for general corporate purposes. On February 14, 2012, we issued $300 million of 3.875 percent Senior Unsecured Notes due in 2022. Interest is paid semi-annually on February 15 and August 15 of each year. We settled forward starting interest rate swap contracts related to the bond issuance as discussed in Note 6. We applied the net proceeds from this notes offering to the repayment of our 7.2 percent Senior Unsecured Notes at their June 15, 2012 maturity.
2011 Credit Agreement The five-year, multi-currency, revolving credit facility (2011 Credit Agreement) permits revolving credit loans of up to $600 million for working capital, capital expenditures and general corporate purposes. The 2011 Credit Agreement allows for borrowings in U.S. dollars, euro, Canadian dollars, pound sterling and Japanese yen. Interest payable under the 2011 Credit Agreement is based upon the type of borrowing under the facility and may be (1) LIBOR plus an applicable margin, (2) the greater of the prime rate or the Federal Funds effective rate plus an applicable margin, or (3) fixed as negotiated by us.
The 2011 Credit Agreement requires us to comply with various restrictive and affirmative covenants, including two financial covenants: a maximum leverage ratio and a minimum consolidated interest coverage ratio (as those terms are defined in the agreement). We were in compliance with all covenants as of June 30, 2013. We had $3.6 million and $212.2 million of borrowings outstanding under the 2011 Credit Agreement as of June 30, 2013 and June 30, 2012, respectively. Borrowings under the 2011 Credit Agreement are guaranteed by our significant domestic subsidiaries.
On April 5, 2013, we entered into an amendment to our 2011 Credit Agreement. The amendment extends the maturity date of the credit facility to April 2018. The financial covenants and other key provisions remain unchanged.
Future principal maturities of long-term debt are $3.6 million in 2014 and $699.2 million beyond 2018.

Future minimum lease payments under capital leases for the next five years and thereafter in total are as follows:
(in thousands)
  
2014
$
317

2015
2,896

2016
1,085

2017
601

2018
199

After 2018

Total future minimum lease payments
5,098

Less amount representing interest
(545
)
Amount recognized as capital lease obligations
$
4,553

At June 30, 2013 and 2012 our collateralized debt consisted of capitalized lease obligations of $4.6 million and $6.2 million, respectively, and industrial revenue bond obligations which were immaterial in both years. The underlying assets collateralize these obligations.