DEBT

6 Months Ended

Dec. 27, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt consists of the following:

	December 27, 2023		June 28, 2023
Revolving credit facility	$	136.3	$	161.3
5.000% notes(1)	350.0		350.0
8.250% notes	350.0		350.0
Finance lease obligations	62.6		67.8
Total long-term debt	898.9		929.1
Less: unamortized debt issuance costs and discounts	(5.9)		(6.7)
Total long-term debt, less unamortized debt issuance costs and discounts	893.0		922.4
Less: current installments of long-term debt and finance leases(2)	(10.6)		(10.2)
Total long-term debt, less current portion	$	882.4	$	912.2

(1)Obligations under our 5.000% notes, which will mature in October 2024, have been classified as long-term, reflecting our intent and ability to refinance these notes through our existing revolving credit facility.

(2)Current installments of long-term debt consist of finance leases and are recorded within Other accrued liabilities in the Consolidated Balance Sheets (Unaudited). Refer to Note 4 - Accrued Liabilities for further details.

Revolving Credit Facility

In the twenty-six week period ended December 27, 2023, net repayments of $25.0 million were made on our revolving credit facility. As of December 27, 2023, $763.7 million of credit was available under the revolving credit facility.

The $900.0 million revolving credit facility matures on August 18, 2026 and bears interest of SOFR plus an applicable margin of 1.50% to 2.25% and an undrawn commitment fee of 0.25% to 0.35%, both based on a function of our debt-to-cash-flow ratio. As of December 27, 2023, our interest rate was 7.21% consisting of SOFR of 5.36% plus the applicable margin and spread adjustment of 1.85%.

Financial Covenants

Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios. As of December 27, 2023, we were in compliance with our covenants pursuant to the $900.0 million revolving credit facility and under the terms of the indentures governing our 5.000% and 8.250% notes.