5. DEBT

The Company’s non-current debt as of March 31, 2014 and June 30, 2013 consists of the following:

	As of		As of
	March 31, 2014		June 30, 2013
	Non-current		Non-current
	(Amounts in thousands)
Convertible notes due 2019, net	$	309,401	$	302,263
Total debt	$	309,401	$	302,263

Convertible Senior Notes Due 2019

In June 2012, the Company completed an offering of $370 million aggregate principal amount of 2.875% convertible senior notes due 2019 (“2019 Notes”). The 2019 Notes bear interest at the rate of 2.875% per annum, and the Company is required to make semi-annual interest payments on the outstanding principal balance of the 2019 Notes on June 15 and December 15 of each year, beginning December 15, 2012. The 2019 Notes mature on June 15, 2019. Interest expense recognized on the 2019 Notes for the three and nine months ended March 31, 2014, was $5.4 million and $16.0 million, respectively, compared to $5.2 million and $15.5 million for the three and nine months ended March 31, 2013, and included the contractual coupon interest, accretion of the debt discount and amortization of the debt issuance costs.

Revolving credit facility

On January 29, 2014, Royal Gold amended and restated its revolving credit facility. Key modifications to the revolving credit facility include, among other items: (1) an increase in the maximum availability from $350 million to $450 million; (2) an extension of the final maturity from May 2017 to January 2019; (3) an increase of the accordion feature from $50 million to $150 million which allows the Company to increase availability under the revolving credit facility at its option, subject to satisfaction of certain conditions, to $600 million; (4) a reduction in the commitment fee from 0.375% to 0.25%; (5) a reduction in the drawn interest rate from LIBOR + 1.75% to LIBOR + 1.25%; (6) removal of the secured debt ratio, and (7) maintaining the leverage ratio (as defined therein) less than or equal to 3.5 to 1.0, with an increase to 4.0 to 1.0 for the two quarters following the completion of a material permitted acquisition, as defined. At March 31, 2014, the Company was in compliance with each financial covenant and had no amounts outstanding under the revolving credit facility.