DEBT

3 Months Ended

Sep. 30, 2019

DEBT

DEBT

5.    DEBT

The Company’s debt as of September 30, 2019 and June 30, 2019 consists of the following:

	As of September 30, 2019						As of June 30, 2019
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs		Total
		(Amounts in thousands)						(Amounts in thousands)
Revolving credit facility	$	170,000	$	(5,405)	$	164,595	$	220,000	$	(5,446)	$	214,554
Total debt	$	170,000	$	(5,405)	$	164,595	$	220,000	$	(5,446)	$	214,554

Revolving credit facility

On September 20, 2019, the Company entered into a third amendment to our revolving credit facility dated as of June 2, 2017.  Under the amendment, the Company’s Swiss subsidiary, RGLD Gold AG, was added as a co-borrower and joint and several obligor, certain of the Company’s Canadian subsidiaries were added as guarantors, and certain equity pledges that previously had been granted in favor of the lenders to support the facility were released, with the result that the facility is now unsecured.

As of September 30, 2019, the Company had $170 million outstanding and $830 million available under the revolving credit facility.  Royal Gold may repay any borrowings under the revolving credit facility at any time without premium or penalty.

As of September 30, 2019, the interest rate on borrowings under the revolving credit facility was LIBOR plus 1.10% for an all-in rate of 3.24%.  For the three months ended September 30, 2019 and 2018, interest expense, which includes interest on the outstanding borrowings and the amortization of the debt issuance costs, was $2.2 million and $0.3 million

respectively. As discussed in Note 5 to the consolidated financial statements in the Company’s Fiscal 2019 10-K, the Company has financial covenants associated with its revolving credit facility.  As of September 30, 2019, the Company was in compliance with each financial covenant.