Long-Term Debt

6 Months Ended

Dec. 31, 2021

Long-Term Debt

Long-Term Debt

Note 10. Long-Term Debt

Long-term debt, net consisted of the following:

	December 31,		June 30,
(In thousands)	2021		2021
7.75% Senior Secured Notes due 2026	$	350,000	$	350,000
Unamortized discount and other debt issuance costs		(5,106)		(5,594)
7.75% Senior Secured Notes due 2026, net		344,894		344,406
Second Lien Secured Loan Facility due 2026 ($190.0M Principal, $5.7M Exit Fee, and $13.7M and $3.6M accrued PIK interest at December 31, 2021 and June 30, 2021 respectively)		209,366		199,342
Unamortized discount and other debt issuance costs		(34,663)		(36,701)
Second Lien Secured Loan Facility due 2026, net		174,703		162,641
4.50% Convertible Senior Notes due 2026		86,250		86,250
Unamortized discount and other debt issuance costs		(2,363)		(2,614)
4.50% Convertible Senior Notes, net		83,887		83,636
$45 million Amended ABL Credit Facility		—		—
Total debt, net		603,484		590,683
Less short-term borrowings and current portion of long-term debt		—		—
Total long-term debt, net	$	603,484	$	590,683

The weighted average interest rate for the three months ended December 31, 2021 and 2020 was 8.9% and 7.8%, respectively. The weighted average interest rate for the six months ended December 31, 2021 and 2020 was 8.9% and 7.9%, respectively.

Long-term debt amounts due, for the twelve-month periods ending December 31 are as follows:

	Amounts Payable
(In thousands)	to Institutions
2022	$	—
2023		—
2024		—
2025		—
2026		645,616
Total	$	645,616

The long-term debt amounts due above include accrued PIK interest on the Second Lien Facility as of December 31, 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.