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Debt
6 Months Ended
Dec. 31, 2011
Debt [Abstract]  
Debt
Note 9. Debt

The components of debt for the periods indicated were as follows ($000):

 

     December 31,      June 30,  
     2011      2011  

Line of credit, interest at the LIBOR Rate, as defined, plus 0.625%

   $ 17,000       $ 15,000   

Yen denominated term note, interest at the Japanese Yen Base Rate, as defined, plus 1.49%

     3,888         3,729   
  

 

 

    

 

 

 

Total debt

     20,888         18,729   

Current portion of long-term debt

     3,888         3,729   
  

 

 

    

 

 

 

Long-term debt, less current portion

   $ 17,000       $ 15,000   
  

 

 

    

 

 

 

The Company's credit facility is a $50.0 million unsecured line of credit which, under certain conditions, may be expanded to $80.0 million. The credit facility has a five-year term through June 2016 and has an interest rate of LIBOR, as defined in the agreement, plus 0.625% to 1.50%. Additionally, the facility is subject to certain covenants, including those relating to minimum interest coverage and maximum leverage ratios. As of December 31, 2011, the Company was in compliance with all financial covenants. The Company had available $32.1 million and $34.1 million under its line of credit as of December 31, 2011 and June 30, 2011, respectively. The amounts available under the Company's line of credit are reduced by outstanding letters of credit. As of December 31, 2011 and June 30, 2011, total outstanding letters of credit supported by the credit facilities were $0.9 million.

 

At December 31, 2011 and June 30, 2011, the Company had 300 million Yen borrowed under its Yen loan. Interest is at a rate equal to the Japanese Yen Base Rate, as defined in the loan agreement, plus 1.49%. The Japanese Yen Base Rate was 0.33% and 0.35% at December 31, 2011 and June 30, 2011, respectively.

The weighted average interest rate of total borrowings was 1.03% and 1.02%, respectively, for the three and six months ended December 31, 2011. The weighted average of total borrowings was $24.0 million and $22.8 million, respectively, for the three and six months ended December 31, 2011.