4.DEBT

The Company’s non-current debt as of September 30, 2016 and June 30, 2016 consists of the following:

	As of September 30, 2016										As of June 30, 2016
	Principal		Unmortized Discount			Debt Issuance Costs			Total		Principal		Unmortized Discount			Debt Issuance Costs			Total
	(Amounts in thousands)										(Amounts in thousands)

Convertible notes due 2019	$	370,000	$	(34,092	)	$	(3,616	)	$	332,292	$	370,000	$	(36,943	)	$	(3,934	)	$	329,123
Revolving credit facility	345,000		—			(3,263		)	341,737		275,000		—			(3,438		)	271,562

Total debt	$	715,000	$	(34,092	)	$	(6,879	)	$	674,029	$	645,000	$	(36,943	)	$	(7,372	)	$	600,685

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 months ended September 30, 2016, was $5.8 million compared to $5.6 million for the three months ended September 30, 2015, and included the contractual coupon interest, the accretion of the debt discount and amortization of the debt issuance costs.

Revolving credit facility

The Company maintains a $650 million revolving credit facility. The acquisition discussed in Note 2 was funded from our revolving credit facility during the quarter ended September 30, 2016. As of September 30, 2016, the Company had $345 million outstanding and $305 million available under the revolving credit facility. Borrowings under the revolving credit facility bear interest at a floating rate of LIBOR plus a margin of 1.25% to 3.00%, based on Royal Gold’s defined leverage ratio. As of September 30, 2016, the interest rate on borrowings under the revolving credit facility was LIBOR plus 1.75% for an all-in rate of 2.28%. Royal Gold may repay borrowings under the revolving credit facility at any time without premium or penalty.

As discussed in Note 6 to the notes to consolidated financial statements in the Company’s Fiscal 2016 10-K, the Company has financial covenants associated with its revolving credit facility. At September 30, 2016, the Company was in compliance with each financial covenant.