DEBT

6 Months Ended

Dec. 29, 2021

Debt Disclosure [Abstract]

Debt

Long-term debt consists of the following:

	December 29, 2021		June 30, 2021
Revolving credit facility	$	303.8	$	171.3
5.000% notes	350.0		350.0
3.875% notes	300.0		300.0
Finance lease obligations	120.0		121.3
Total long-term debt and finance leases	1,073.8		942.6
Less: unamortized debt issuance costs and discounts	(2.6)		(3.2)
Total long-term debt, less unamortized debt issuance costs and discounts	1,071.2		939.4
Less: current installments of long-term debt and finance leases(1)	(23.9)		(21.5)
Long-term debt and finance leases, less current installments	$	1,047.3	$	917.9

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

Revolving Credit Facility

On August 18, 2021, we revised our existing $1.0 billion revolving credit facility to an $800.0 million revolving credit facility to extend the maturity date and provide additional flexibility. In the twenty-six week period ended December 29, 2021, net borrowings of $132.5 million were drawn on the revolving credit facility. As of December 29, 2021, $496.2 million of credit was available under the new revolving credit facility.

The $800.0 million revolving credit facility matures on August 18, 2026 and bears interest of LIBOR plus an applicable margin of 1.500% to 2.250% and an undrawn commitment fee of 0.250% to 0.350%, both based on a function of our debt-to-cash-flow ratio. As of December 29, 2021, our interest rate was 1.875% consisting of LIBOR of 0.125% plus the applicable margin of 1.750%.

In the twenty-six week period ended December 29, 2021, we incurred and capitalized $3.1 million of debt issuance costs associated with the new revolver, which are included in Other assets in the Consolidated Balance Sheets (Unaudited).

Financial Covenants

Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios. As of December 29, 2021, we were in compliance with our covenants pursuant to the $800.0

million 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 during the remainder of fiscal 2022.