XML 184 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 11 - Long-Term Debt
12 Months Ended
Jun. 30, 2013
Disclosure Text Block [Abstract]  
Long-term Debt [Text Block]

NOTE 11: LONG-TERM DEBT


Senior Notes


On October 1, 2010, we redeemed the remaining $140,000 of the 2013 notes using cash and borrowings on our former credit facility. We recorded a $3,649 loss related to the early extinguishment of this debt, which included a $1,984 premium paid to the note holders and $1,665 of unamortized deferred financing costs.


Revolving Credit Facility


On October 22, 2010, we entered into a Second Amended and Restated Credit Agreement (“credit facility”) which increased our maximum committed borrowing capacity to $300,000 and extended the maturity date of the facility to October 22, 2015. We used the proceeds from the credit facility to pay the outstanding balance on the former credit facility plus fees and expenses. The interest rate applicable to borrowings under the credit facility is the agent’s prime rate plus 0.75% to 1.75%, or a LIBOR-based rate ranging from LIBOR plus 1.75% to LIBOR plus 2.75%, based on a grid related to our leverage ratio. The current interest rate on the credit facility is LIBOR plus 1.75%. The credit facility is secured by substantially all of our assets located in the United States. The costs for the issuance of this credit facility were $2,586 and are being amortized to interest expense using the effective interest method over the life of the facility. There are no scheduled payments for the credit facility until its maturity in 2016.


The credit facility contains covenants customary for financing of this type. The financial covenants include: maximum total leverage ratio of consolidated total debt to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), and a minimum consolidated fixed charge coverage ratio. At June 30, 2013, we were in compliance with the financial covenants under the credit facility.


Outstanding borrowings against the credit facility as of June 30, 2013 and 2012 were $41,172 and $58,578, respectively. At June 30, 2013, we had $254,855 borrowing capacity under the credit facility. The commitment fee on the unused portion of the credit facility is 0.375% per annum.


Other


Total cash interest payments for 2013, 2012 and 2011 were $2,721, $2,997 and $9,521, respectively.