Long-Term Debt and Revolving Credit Facility

6 Months Ended

Dec. 31, 2022

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)	December 31, 2022		June 30, 2022
Long-term debt under revolving credit facility due December 2025; 5.88% variable interest rate at December 31, 2022	$	60,000	$	68,000
Other debt matured August 2022; 9.25% fixed interest rate	—		79
Total Debt	$	60,000	$	68,079

As of December 31, 2022 we had a $125.0 million revolving credit facility with a maturity date of December 2025 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 December 31, 2022, we had $1.8 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 was $63.2 million at December 31, 2022. 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.

During the second quarter of fiscal year 2023, we entered into a Third Amendment to Amended and Restated Credit Agreement which provides, among other items, amendments to the Credit Agreement to extend the maturity date of the Credit Facility from October 24, 2024 to December 21, 2025, and establish SOFR (“Secured Overnight Financial Rate”) as a pricing benchmark for dollar borrowings in replacement of LIBOR.

We were in compliance with all debt covenants of the revolving credit facility during the six-month period ended December 31, 2022.

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. See Note 14 - Derivative Instruments of Notes to Condensed Consolidated Statements of Operations for information regarding modification of our swap agreement which occurred during January 2023.