Note 9. Long-Term Debt

Long-term debt, net consisted of the following:


	June 30,		June 30,
(In thousands)	2020		2019
Term Loan A due 2020; 6.00% as of June 30, 2020	$	48,844	$	153,933
Unamortized discount and other debt issuance costs		(433)		(4,722)
Term Loan A, net		48,411		149,211
Term Loan B due 2022; 6.38% as of June 30, 2020		572,857		614,468
Unamortized discount and other debt issuance costs		(23,278)		(34,631)
Term Loan B, net		549,579		579,837
4.50% Convertible Senior Notes due 2026		86,250		—
Unamortized discount and other debt issuance costs		(3,111)		—
4.50% Convertible Senior Notes, net		83,139		—
$125 million Revolving Credit Facility due 2020		—		—
Total debt, net		681,129		729,048
Less short-term borrowings and current portion of long-term debt		(88,189)		(66,845)
Total long-term debt, net	$	592,940	$	662,203

The weighted average interest rate for Fiscal 2020 and 2019 was 8.8% and 9.7%, respectively.

On September 27, 2019, the Company issued $86,250,000 aggregate principal amount of its 4.50% convertible senior notes due 2026 (the “Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 4.50% payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2020. The Notes will mature on October 1, 2026, unless earlier repurchased, redeemed or converted in accordance with their terms. The Notes are convertible into shares of the Company’s common stock at an initial conversion rate of 65.4022 shares per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $15.29 per share), subject to adjustments upon the occurrence of certain events (but will not be adjusted for any accrued and unpaid interest). The Company may redeem all or a part of the Notes on or after October 6, 2023 at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date, subject to certain conditions relating to the Company's stock price having been met.

Following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Notes in connection with such corporate event or notice of redemption. The indenture covering the Notes contains certain other customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee or holders of at least 25% in principal amount of the outstanding Notes may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable.

In connection with the offering of the Notes, the Company also entered into privately negotiated “capped call” transactions with several counterparties. The capped call transaction will initially cover, subject to customary anti-dilution adjustments, the number of shares of common stock that initially underlie the Notes. The capped call transactions are expected to generally reduce the potential dilutive effect on the Company’s common stock upon any conversion of the Notes with such reduction subject to a cap which is initially $19.46 per share. The capped call transactions are recorded in stockholders' equity and are not accounted for as derivatives. The fees associated with the capped call transactions totaled $7.1 million and were recorded as a reduction to additional paid-in capital on the Consolidated Balance Sheet. The form of capped call confirmations was filed as Exhibit 10.57 to the Form 8-K filed with the SEC on September 27, 2019.

A portion of the net proceeds received from the offering of the Notes was used to pay the cost of the capped call transactions. The remaining net proceeds, totaling $77.0 million, was used to repay a portion of the outstanding Term Loan A balance on September 27, 2019. As a result of the repayment, the Company recorded a loss on extinguishment of debt of $2.1 million in the Consolidated Statement of Operations in Fiscal 2020.

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


	Amounts Payable
(In thousands)	to Institutions
2021	$	88,189
2022		39,345
2023		494,167
2024		—
Thereafter		86,250
Total	$	707,951

The outstanding Term Loan A, Term Loan B and Revolving Credit Facility amounts above are guaranteed by all of Lannett’s significant wholly-owned domestic subsidiaries and are collateralized by substantially all present and future assets of the Company.