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Subsequent Events
9 Months Ended
Mar. 29, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 21, 2020, the Company issued and sold $500.0 million aggregate principal amount of 1.75% convertible senior notes due May 1, 2026 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and an additional $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the initial purchasers (the 2026 Notes). The total net proceeds from the debt offering was approximately $561.4 million.
The 2026 Notes are unsecured, senior obligations of the Company, and interest will be payable semi-annually in arrears. The 2026 Notes are convertible, at a holder's election, in multiples of $1,000 principal amount, into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election, at the applicable conversion rate only under certain circumstances or certain periods specified within the Indenture governing the 2026 Notes. The initial conversion rate for the 2026 Notes is 21.1346 shares of common stock per $1,000 principal amount of notes, subject to adjustment as provided in the Indenture.
The Company used approximately $144.3 million of the net proceeds from the offering to repurchase approximately $150.2 million aggregate principal amount of the 2023 Notes, including approximately $0.2 million of accrued interest on such notes, in privately negotiated transactions. The Company intends to use the remainder of the net proceeds from the offering for general corporate purposes.