Debt

On February 26, 2013, the Company completed an offering and sale of $300.0 million in aggregate principal amount of its 4.45% Senior Notes due 2023 (the “Notes”). The Notes accrue interest at the rate of 4.45% per annum, with interest payable in cash semi-annually in arrears on each March 1 and September 1, commencing September 1, 2013. The Notes will mature on March 1, 2023. The Notes are senior unsecured indebtedness of the Company, ranking equally in right of payment with all existing and future senior unsecured indebtedness and senior to future subordinated indebtedness. During the fiscal year ended June 30, 2013, the Company recorded a discount of $0.4 million and capitalized $2.6 million of debt issue costs paid in connection with the Notes.

The Company entered into $500.0 million syndicated credit facility (“Credit Agreement”) that extends to June 2018. During the fiscal year ended June 30, 2013, the Company capitalized $0.8 million of debt issue costs paid in connection with the Credit Agreement. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined “Base Rate,” both determined based upon the rating of the Company’s senior unsecured long-term debt (the “Debt Rating”). The applicable margin to be added to LIBOR ranges from 0.75% to 1.90% (1.25% as of June 30, 2015), and for Base Rate-determined loans, from 0.00% to 0.90% (0.25% as of June 30, 2015). The Company also pays a quarterly commitment fee ranging from 0.075% to 0.375% (0.15% as of June 30, 2015), determined based upon the Debt Rating, of the unused portion of the $500.0 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 0.75% to 1.90% (1.25% as of June 30, 2015), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and reborrow loans and to terminate or reduce the commitments under the facility. As of June 30, 2015, the Company had $7.1 million of issued letters of credit under the Credit Agreement, with the balance of $492.9 million available to the Company.

The Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (“EBITDA”) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of June 30, 2015, the Company was in compliance with all of the covenants of the Credit Agreement.

Long-term debt outstanding as of June 30, 2015 and 2014 consisted of the following:



	June 30,
($ in millions)	2015		2014
Medium-term notes, Series B at 6.97% to 7.10% due from April 2018 to May 2018 (face value of $55.0 million at June 30, 2015 and 2014)	$	55.0	$	55.0
Senior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2015 and 2014)	252.5		249.7
Senior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2015 and 2014)	299.6		299.6
Total	607.1		604.3
Less amounts due within one year	—		—
Long-term debt, net of current portion	$	607.1	$	604.3

Aggregate maturities of long-term debt for the five years subsequent to June 30, 2015, are $0.0 million in fiscal year 2016 and 2017, $55.0 million in 2018, $0.0 million in 2019 and 2020 and $550.0 million thereafter.

For the years ended June 30, 2015, 2014 and 2013, interest costs totaled $30.4 million, $32.1 million and $27.8 million, respectively, of which $2.7 million, $15.1 million and $6.8 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.