Long-Term Debt

3 Months Ended

Sep. 30, 2021

Long-Term Debt

Long-Term Debt

Note 9. Long-Term Debt

Long-term debt, net consisted of the following:

	September 30,		June 30,
(In thousands)	2021		2021
7.75% Senior Secured Notes due 2026	$	350,000	$	350,000
Unamortized discount and other debt issuance costs		(5,352)		(5,594)
7.75% Senior Secured Notes due 2026, net		344,648		344,406
Second Lien Secured Loan Facility due 2026 ($190.0M Principal, $5.7M Exit Fee, and $8.6M and $3.6M accrued PIK interest at September 30, 2021 and June 30, 2021 respectively)		204,291		199,342
Unamortized discount and other debt issuance costs		(35,726)		(36,701)
Second Lien Secured Loan Facility due 2026, net		168,565		162,641
4.50% Convertible Senior Notes due 2026		86,250		86,250
Unamortized discount and other debt issuance costs		(2,488)		(2,614)
4.50% Convertible Senior Notes, net		83,762		83,636
$45 million Amended ABL Credit Facility		—		—
Total debt, net		596,975		590,683
Less short-term borrowings and current portion of long-term debt		—		—
Total long-term debt, net	$	596,975	$	590,683

The weighted average interest rate for the three months ended September 30, 2021 and 2020 was 8.8% and 8.0%, respectively.

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

	Amounts Payable
(In thousands)	to Institutions
2022	$	—
2023		—
2024		—
2025		—
2026		640,541
Total	$	640,541

The long-term debt amounts due above include accrued PIK interest on the Second Lien Facility as of September 30, 2021. Following the one-year anniversary of the closing date of the Second Lien Facility, the Company may elect to pay in cash any interest required to be paid in the form of PIK interest.

The outstanding Notes, Second Lien Facility, and Amended ABL 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.