DEBT

12 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

Long-term debt consists of the following:

	June 30, 2021		June 24, 2020
Revolving credit facility	$	171.3	$	472.9
5.000% notes	350.0		350.0
3.875% notes	300.0		300.0
Finance lease obligations	121.3		102.1
Total long-term debt and finance leases	942.6		1,225.0
Less: unamortized debt issuance costs and discounts	(3.2)		(4.3)
Total long-term debt, less unamortized debt issuance costs and discounts	939.4		1,220.7
Less: current installments of long-term debt(1)	(21.5)		(12.2)
Long-term debt and finance leases, less current installments	$	917.9	$	1,208.5

(1)Current installments of long-term debt consist of finance leases for the periods presented and are recorded within Other accrued liabilities in the Consolidated Balance Sheets. Refer to Note 11 - Accrued and Other Liabilities for further details.

Excluding finance lease obligations and interest, our long-term debt maturities for the five fiscal years following June 30, 2021 and thereafter are as follows:

Fiscal Year	Long-Term Debt
2022	$	—
2023	471.3
2024	—
2025	350.0
2026	—
Thereafter	—
	$	821.3

Revolving Credit Facility, as Amended

During fiscal 2021, net repayments of $301.6 million were made on the $1.0 billion revolving credit facility. As of June 30, 2021, $828.7 million of credit was available under the revolving credit facility.

The revolving credit facility generally bears interest of LIBOR plus an applicable margin of 2.250% to 3.000% and an undrawn commitment fee of 0.350% to 0.500%, both based on a function of our debt-to-cash-flow ratio. As of June 30, 2021, our interest rate was 3.250% consisting of the LIBOR floor of 0.750% plus the applicable margin of 2.500%.

In fiscal 2021, we executed the seventh amendment to our revolving credit facility, extending the maturity date to December 12, 2022. This amendment included a capacity reduction to $900.0 million from $1.0 billion which will occur on September 12, 2021. The issuance of certain debt or preferred equity interests will result in an immediate

capacity reduction, an interest rate reduction of 0.250% on the spread and 0.100% reduction on the undrawn fee if the issuance exceeds $250.0 million pursuant to the terms of the agreement. We incurred $2.2 million of debt issuance costs, associated with this revolver amendment, which are included in Other assets in the Consolidated Balance Sheets.

5.000% Notes

In fiscal 2017, we issued $350.0 million of 5.000% senior notes due October 2024 (the “2024 Notes”). The notes require semi-annual interest payments which began on April 1, 2017.

The indenture for the 2024 Notes contains certain covenants, including, but not limited to, limitations and restrictions on the ability of the Company and its Restricted Subsidiaries (as defined in the indenture) to (i) create liens on Principal Property (as defined in the Indenture) and (ii) merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of their property. These covenants are subject to a number of important conditions, qualifications, exceptions and limitations.

3.875% Notes

In fiscal 2013, we issued $300.0 million of 3.875% notes due in May 2023 (the “2023 Notes”). The 2023 Notes require semi-annual interest payments which began in the second quarter of fiscal 2014.

Financial Covenants

Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage and fixed charge coverage ratios. As of June 30, 2021, we were in compliance with our covenants pursuant to the amended revolving credit facility and under the terms of the indentures governing our 3.875% notes and 5.000% notes. We expect to remain in compliance with our covenants throughout fiscal 2022.