Long-Term Debt and Revolving Credit Facility

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt and Revolving Credit Facility

Long-Term Debt and Revolving Credit Facility

Short-term borrowings and long-term debt consisted of the following obligations:

(Amounts in Thousands)	September 30, 2021		June 30, 2021
Long-term debt under revolving credit facility due October 2024; 1.63% variable interest rate at September 30, 2021	$	40,000	$	40,000
Other debt maturing August 2024; 9.25% fixed interest rate	79		109
Total Debt	$	40,079	$	40,109

Aggregate maturities of long-term debt for the next three years through maturity are, in thousands, $33, $36 and $40,010, respectively.

As of September 30, 2021 we had a $125.0 million revolving credit facility with a maturity date of October 2024 that allowed for both issuances of letters of credit and cash borrowings. We also have an option to request an increase of the amount available for borrowing to $200.0 million, subject to participating banks’ consent. The revolving loans under the Credit Agreement could consist of, at our election, advances in U.S. dollars or advances in any other currency that was agreed to by the lenders. The proceeds of the loans are to be used for general corporate purposes including acquisitions. A portion of the revolving credit facility, not to exceed $10.0 million of the principal amount, was available for the issuance of letters of credit. At September 30, 2021, we had $1.7 million in letters of credit outstanding, which reduced our borrowing capacity on the revolving credit facility. Total availability to borrow under the revolving credit facility totaled $83.3 million at September 30, 2021. The commitment fee on the unused portion of principal amount of the revolving credit facility is payable at a rate that ranges from 20 to 30 basis points per annum as determined by our ratio of consolidated total indebtedness to adjusted consolidated EBITDA. The weighted average interest rate on borrowings outstanding at September 30, 2021 and September 30, 2020 was 1.64% and 9.25%, respectively.

We were in compliance with all debt covenants of the credit facility during the three-month period ended September 30, 2021.

During the first quarter of fiscal year 2022, we entered into a Second Amendment to Credit Agreement which amended our credit agreement by adding content to facilitate a transition to a base interest rate index other than the London Interbank Offered Rate and to define the provisions by which an overpayment or erroneous payment may be requested and returned to us.

We have an interest rate swap agreement with a bank with a notional value of $40.0 million. The interest rate swap became effective in July 2021 and is accounted for using hedge accounting.