8. Debt

Debt

The Company’s debt is comprised of the following (in thousands):

	June 30, 2018			June 30, 2017
Current portion of long-term debt:
Term Loan	$	9,500		$	12,444
Less: unamortized debt issuance costs		(493	)		(164	)
Current portion of long-term debt	$	9,007		$	12,280

Long-term debt, less current portion:
Term Loan	$	180,500		$	71,268
Revolving Facility		10,000			10,000
Less: unamortized debt issuance costs		(1,751	)		(846	)
Total long-term debt, less current portion		188,749			80,422
Total debt	$	197,756		$	92,702

During the second quarter of fiscal 2017, the Company entered into an Amended and Restated Credit Agreement (the “Credit Facility”) with Silicon Valley Bank, as administrative agent and collateral agent, and the financial institutions that are a party thereto as lenders. The Credit Facility provided for a five-year $90.5 million term loan (the “Term Loan”) and a five-year $50.0 million revolving loan facility (the “Revolving Facility”), which included a $5.0 million swing line loan sub facility and a $10.0 million letter of credit sub facility. The Credit Facility among other things, amended and restated the Company’s previous credit facility. The borrowings under the Credit Facility during fiscal 2017 were used to acquire the WLAN Business as more fully described in Note 4. Business Combinations.

The Credit Facility was amended on March 2, 2017, by Amendment One to such agreement, in anticipation of the acquisition of the Campus Fabric Business as more fully described in the Form 8-K filed on that date.

In connection with the closing of Campus Fabric Business discussed in Note 4, the Company entered into the Second Amendment to the Credit Facility (the “Second Amendment”), which amended the Amended and Restated Credit Agreement, dated as of October 28, 2016, by and among the Company, as borrower, Silicon Valley Bank, as administrative agent and collateral agent, and lenders. Among other things, the Second Amendment (i) increased the amount of the available borrowing under the Credit Facility from $140.5 million to $243.7 million, composed of (a) an increase to the five-year Term Loan from $90.5 million to up to $183.7 million and (b) increased the five-year Revolving Facility in a principal amount of up to $60.0 million, (ii) extends the maturity date under the Term Loan and the termination date under the Revolving Facility, (iii) provides for an uncommitted additional incremental loan facility in the principal amount of up to $50.0 million (“Incremental Facility”), and (iv) joins certain additional banks, financial institutions and institutional lenders as lenders pursuant to the terms of the Credit Facility. On July 14, 2017, the Company borrowed $80.0 million under the Term Loan which was used to fund the purchase of the Campus Fabric Business.

In connection with the closing of the acquisition of the Data Center Business discussed in Note 4, the Company entered into the Third Amendment to the Credit Facility (the “Third Amendment”) on October 26, 2017. Among other things, the Third Amendment (i) amends the negative covenant governing dispositions to increase the general dispositions basket for the fiscal year of the Company ending June 30, 2018, and (ii) amends certain definitions and provisions to update certain references to the Data Center Business Purchase Agreement (as defined above). On the Data Center Business Closing Date, the Company borrowed $20.0 million on the Amended Term Loan to partially fund the acquisition of the Data Center Business.

On May 1, 2018, the Company terminated the Credit Facility as amended and entered into a Credit Agreement (the “Credit Agreement”), by and among the Company, as borrower, BMO Harris Bank N.A., as an issuing lender and swingline lender, Bank of Montreal, as administrative and collateral agent, and the financial institutions or entities that are a party thereto as lenders. The Credit Agreement provides for i) a $40 million five-year revolving credit facility (the “New Revolving Facility”), ii) a $190 million five-year term loan (the “New Term Loan”) and, iii) an uncommitted additional incremental loan facility in the principal amount of up to $100 million (“New Incremental Facility”). On May 1, 2018, the Company borrowed $200 million under the Credit Agreement in order to pay off existing debt and for general corporate purposes.

Borrowings under the Credit Agreement will bear interest, at the Company’s election, as of May 1, 2018, at a rate per annum equal to LIBOR plus 1.50% to 2.75%, or the adjusted base rate plus 0.50% to 1.75%, based on the Company’s Consolidated Leverage Ratio. In addition, the Company is required to pay a commitment fee of between 0.25% and 0.40% quarterly (currently 0.35%) on the unused portion of the New Revolving Facility, also based on the Company’s consolidated leverage ratio. Principal installments are payable on the New Term Loan in varying percentages quarterly starting June 30, 2018 and to the extent not previously paid, all outstanding balances are to be paid at maturity. The Credit Agreement is secured by substantially all of the Company’s assets.

The Credit Agreement requires the Company to maintain certain minimum financial ratios at the end of each fiscal quarter. The Credit Agreement also includes covenants and restrictions that limit, among other things, the Company’s ability to incur additional indebtedness, create liens upon any of its property, merge, consolidate or sell all or substantially all of its assets. The Credit Agreement also includes customary events of default which may result in acceleration of the outstanding balance.

Financing costs incurred in connection with obtaining long-term financing are deferred and amortized over the term of the related indebtedness or credit agreement. During the year ended June 30, 2018, in conjunction with the Credit Agreement, as noted above, the Company recorded a loss from an extinguishment of debt of $1.2 million in “Interest expense” in the accompanying consolidated statements of operations and incurred $1.5 million of deferred financing costs.

Amortization of deferred financing costs is included in “Interest expense” in the accompanying consolidated statements of operations, totaled $0.7 million, $0.5 million and $0.4 million in fiscal years 2018, 2017 and 2016, respectively.

The Company had $28.7 million of availability under the New Revolving Facility as of June 30, 2018. The Company had $1.3 million of outstanding letters of credit as of June 30, 2018.

The Company’s debt principal repayment schedule by period is as follows, excluding unamortized debt issuance costs (in thousands):

For the fiscal year ending:
2019	$	9,500
2020		9,500
2021		14,250
2022		14,250
2023		152,500
Total	$	200,000