Long-Term Debt

9 Months Ended

Mar. 31, 2021

Long-term debt consisted of the following:


(in thousands)	March 31, 2021		June 30, 2020

2.800% Senior Unsecured Notes due fiscal 2031, net of discount of $2.7 million at March 31, 2021	$	297,320	$	—
4.625% Senior Unsecured Notes due fiscal 2028, net of discount of $1.6 million at March 31, 2021 and $1.7 million at June 30, 2020	298,428		298,264
3.875% Senior Unsecured Notes due fiscal 2022, net of discount of $0.1 million at June 30, 2020	—		299,940





Total term debt	595,748		598,204
Less unamortized debt issuance costs	(4,076)		(4,121)





Total long-term debt	$	591,672	$	594,083

Senior Unsecured Notes In February 2021, we issued $300.0 million of 2.800 percent Senior Unsecured Notes with a maturity date of March 1, 2031. Interest will be paid semi-annually on March 1 and September 1 of each year. We settled forward starting interest rate swap contracts for a gain of $10.2 million related to the bond issuance as discussed in Note 5. In March 2021, we used the net proceeds from the bond issuance, plus cash on hand, for the early extinguishment of our $300.0 million of 3.875 percent Senior Unsecured Notes due 2022 (the 2022 Notes). Due to the early extinguishment, interest expense during the three months ended March 31, 2021 includes a make-whole premium of $9.6 million and the acceleration of a loss in the amount of $2.6 million from other comprehensive loss related to forward starting interest rate contracts that were used to hedge the interest payments of the 2022 Notes. A stranded tax benefit associated with the termination of this hedge was also recognized during the three months ended March 31, 2021. Refer to Note 13 for more information related to the stranded tax benefits. On June 7, 2018, we issued $300.0 million of 4.625 percent Senior Unsecured Notes with a maturity date of June 15, 2028. Interest on these notes is paid semi-annually on June 15 and December 15 of each year.

Future principal maturities of long-term debt are $300 million in 2028 and $300 million in 2031.

Fixed rate debt had a fair market value of $628.4 million and $630.2 million at March 31, 2021 and June 30, 2020, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of March 31, 2021 and June 30, 2020, respectively.