Long-Term Debt And Credit Facility

12 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Long-Term Debt And Credit Facility

LONG-TERM DEBT AND CREDIT FACILITY

Long-term debt consisted of the following:

	June 30, 2012		June 30, 2011
Senior Notes	$	150,000	$	150,000
Revolving Credit Agreement borrowings payable to banks	240,000		79,000
Capitalized leases and equipment financing	584		1,173
	390,584		230,173
Current Portion	296		633
	$	390,288	$	229,540

We have $150 million in aggregate principal amount of 10 year senior notes due May 2, 2016 issued in a private placement. The notes bear interest at 5.98%, payable semi-annually on November 2 and May 2. As of June 30, 2012, $150,000 of the senior notes was outstanding.

We have a credit agreement which provides us with a $600 million revolving credit facility (the “Credit Agreement”), expiring in July 2015. The Credit Agreement was increased on August 20, 2012 from $400 million to $600 million upon the exercise of an existing $100 million accordion feature, which feature was increased to $200 million. Borrowings may be used to provide working capital, finance capital expenditures and permitted acquisitions, refinance certain existing indebtedness and for other corporate purposes. The Credit Agreement contains restrictive covenants usual and customary for facilities of its type, which include, with specified exceptions, limitations on our ability to engage in certain business activities, incur debt, have liens, make capital expenditures, pay dividends or make other distributions, enter into affiliate transactions, consolidate, merge or acquire or dispose of assets, and make certain investments, acquisitions and loans. The Credit Agreement also requires that we satisfy certain financial covenants, such as maintaining a consolidated interest coverage ratio (as defined) of no less than 4.00 to 1.00 and a consolidated leverage ratio (as defined) of no more than 3.50 to 1.00, which consolidated leverage ratio may increase to no more than 4.0 to 1.0 for the twelve-month period following a permitted acquisition. Our obligations under the Credit Agreement are guaranteed by all of our existing and future domestic subsidiaries, subject to certain exceptions. As of June 30, 2012, there were $240,000 of borrowings outstanding under the Credit Agreement.

The Credit Agreement provides that loans will bear interest at rates based on (a) the Eurocurrency Rate, as defined in the Credit Agreement, plus a rate ranging from 1.25% to 3.00% per annum or (b) the Base Rate, as defined in the Credit Agreement, plus a rate ranging from 0.25% to 2.00% per annum, the relevant rate being the Applicable Rate. The Applicable Rate will be determined in accordance with a leverage-based pricing grid, as set forth in the Credit Agreement. Swing line loans will bear interest at the Base Rate plus the Applicable Rate. Additionally, the Credit Agreement contains a Commitment Fee, as defined in the Credit Agreement, on the amount unused under the Credit Agreement ranging from 0.25% to 0.45% per annum. Such Commitment Fee is determined in accordance with a leverage-based pricing grid, as set forth in the Credit Agreement.

Maturities of all debt instruments at June 30, 2012, are as follows:

Due in Fiscal Year	Amount
2013	$	296
2014	276
2015	12
2016	390,000
	$	390,584

Interest paid (which approximates the related expense) during the fiscal years ended June 30, 2012, 2011, and 2010 amounted to $14,377, $11,004 and $10,216, respectively.