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FINANCING ARRANGEMENTS
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS:
The Company's debt consists of the following:
Six Months Ended December 31, 2025
Fiscal Year
2025
Balance at
December 31, 2025		Balance at
 June 30, 2025
 
 (Average cash interest rate %)(Dollars in thousands)
Term loan (1)8.65%9.14%$116,735 $118,875 
Paid-in-kind interest8,273 5,376 
Deferred financing fees (2)(10,694)(12,174)
Term loan, net114,314 112,077 
Revolving credit facility (1)8.65%9.14%1,030 1,030 
Fair value of warrants issued to lenders(2,025)(2,314)
Total debt, net113,319 110,793 
Less: long-term debt, current portion(2,100)(1,100)
Total long-term debt, net$111,219 $109,693 
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(1)The term loan and revolving credit facility mature on June 24, 2029. The interest rate applicable to any letter of credit is 5.25% and paid currently in cash.
(2)Deferred financing fees, inclusive of $4.3 million of Original Issue Discount fees, are amortized on a straight-line basis over the term of the agreement.

The Company's credit agreement, as amended, (the 2024 Credit Agreement) includes a $120.0 million term loan and a $25.0 million revolving credit facility, with a $10.0 million minimum liquidity covenant, is secured by the Company's assets, and expires June 24, 2029. The June 2024 refinancing was considered a troubled debt restructuring, which resulted in a $94.6 million ($39.83 per weighted average diluted share) gain on the extinguishment of the prior agreement. Any unamortized financing fees that existed at the date of the new agreement were written off.

In connection with the 2024 Credit Agreement, the Company issued detachable stock warrants to the debt lenders. See Note 4 for additional details.

As of December 31, 2025, the Company had outstanding standby letters of credit under the revolving credit facility of $6.0 million, primarily related to the Company's self-insurance program. As of December 31, 2025, total available liquidity, net of the $10.0 million minimum liquidity covenant, and available credit under the $25.0 million revolving credit facility, as defined by the amended agreement, were $27.4 million and $19.0 million, respectively. The Company was in compliance with its covenants and other requirements of the financing arrangements as of December 31, 2025.

The interest rate on the 2024 Credit Agreement is based on the secured overnight financing rate (SOFR) plus margin. The margin is subject to change based on the Company's total leverage ratio, remeasured annually on a predetermined date set by the lender. When the Company's total leverage ratio is greater than or equal to 3.75 to 1.00, the margin applicable to the term loan and revolving credit facility is 9.00%. If the Company's leverage ratio is less than 3.75 to 1.00, the margin rate is 8.50%. In either scenario, 4.50% of the margin is paid-in-kind (PIK) interest (added to the principal balance and thereafter accruing interest), and the remainder is paid currently in cash. The SOFR base rate applicable to the debt has a floor of 2.50% per annum. The interest rate applicable to any letter of credit is 5.25% and paid currently in cash.

The 2024 Credit Agreement includes scheduled quarterly payments totaling $1.1 million in fiscal year 2026 and $3.0 million in each of fiscal years 2027, 2028 and 2029, plus a balloon payment at maturity. Additionally, excess cash is swept annually per the terms of the agreement. In the six months ended December 31, 2025, the Company paid $1.5 million to satisfy the annual mandatory prepayment of 75% of excess cash flow as defined in the 2024 Credit Agreement. This amount was applied as a prepayment of the term loan and reduced the Company's unrestricted cash balance accordingly.