Debt (Tables)

12 Months Ended

Jul. 02, 2016

Debt consisted of the following:


(In millions)	As of July 2, 2016			As of June 27, 2015
ABL	$	765.0		$	665.7
Term Facility		—			736.9
Notes		350.0			—
Promissory Note		6.0			6.0
Less: Original issue discount and deferred financing costs		(9.4	)		(23.3	)

Long-term debt		1,111.6			1,385.3
Capital and finance lease obligations		33.9			37.3

Total debt		1,145.5			1,422.6
Less: current installments		(2.4	)		(12.9	)

Total debt, excluding current installments	$	1,143.1		$	1,409.7

Fiscal year maturities of long-term debt, excluding capital and finance lease obligations, are as follows:


(In millions)
2017	$	—
2018		6.0
2019		—
2020		—
2021		765.0
Thereafter		350.0

Total long-term debt, excluding capital and finance lease obligations	$	1,121.0

Future minimum lease payments under non-cancelable capital lease obligations were as follows as of July 2, 2016:


(In millions)	Capital Leases
2017	$	4.7
2018		4.7
2019		4.7
2020		3.0
2021		3.0
Thereafter		30.4

Total future minimum lease payments		50.5
Less: interest		19.8

Present value of future minimum lease payments	$	30.7

The following table summarizes outstanding borrowings, availability, and the average interest rate under the ABL Facility:


(Dollars in millions)	As of July 2, 2016			As of June 27, 2015
Aggregate borrowings	$	765.0		$	665.7
Letters of credit		97.7			102.5
Excess availability, net of lenders’ reserves of $20.9 and $19.7		725.5			631.8
Average interest rate		1.87	%		1.94	%

Interest expense related to the amortization of deferred financing costs and original issue discount for the Term Facility was as follows:


(In millions)	Fiscal year ended July 2, 2016		Fiscal year ended June 27, 2015		Fiscal year ended June 28, 2014
Deferred financing costs amortization	$	14.2	$	4.5	$	4.5
Original issue discount amortization		1.8		0.6		0.6

Total amortization included in interest expense	$	16.0	$	5.1	$	5.1