XML 42 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt
12 Months Ended
Jun. 30, 2018
Long-Term Debt  
Long-Term Debt

 

Note 10.  Long-Term Debt

 

Long-term debt, net consisted of the following:

 

 

 

June 30,

 

June 30,

 

(In thousands)

 

2018

 

2017

 

Term Loan A due 2020; 6.84% as of June 30, 2018

 

$

227,276

 

$

254,375

 

Unamortized discount and other debt issuance costs

 

(10,178

)

(16,238

)

 

 

 

 

 

 

Term Loan A, net

 

217,098

 

238,137

 

 

 

 

 

 

 

Term Loan B due 2022; 7.47% as of June 30, 2018

 

670,011

 

727,881

 

Unamortized discount and other debt issuance costs

 

(47,839

)

(63,106

)

 

 

 

 

 

 

Term Loan B, net

 

622,172

 

664,775

 

 

 

 

 

 

 

Revolving Credit Facility due 2020

 

 

 

 

 

 

 

 

 

Other

 

 

735

 

 

 

 

 

 

 

Total debt, net

 

839,270

 

903,647

 

Less short-term borrowings and current portion of long-term debt

 

(66,845

)

(60,117

)

 

 

 

 

 

 

Total long-term debt, net

 

$

772,425

 

$

843,530

 

 

 

 

 

 

 

 

 

 

During the third quarter of Fiscal 2018, the Company made a voluntary payment of $25.0 million against its outstanding Term Loan A and Term Loan B debt.  As a result of the prepayment, the Company wrote off a proportionate amount of the related debt issuance costs totaling $2.6 million which was included in interest expense.

 

Long-term debt amounts due, for the twelve month periods ending June 30 were as follows:

 

 

 

Amounts Payable

 

(In thousands)

 

to Institutions

 

2019

 

$

66,845

 

2020

 

66,845

 

2021

 

211,621

 

2022

 

39,345

 

2023

 

512,631

 

Thereafter

 

 

 

 

 

 

Total

 

$

897,287

 

 

 

 

 

 

 

The outstanding debt amounts above are guaranteed by all of Lannett’s significant wholly-owned domestic subsidiaries and is collateralized by substantially all present and future assets of the Company.