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DEBT AGREEMENTS AND LETTERS OF CREDIT
9 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT AGREEMENTS AND LETTERS OF CREDIT DEBT AGREEMENTS AND LETTERS OF CREDIT:
Credit Agreement
Paycor, Inc. is party to a credit agreement (as amended, the “Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders, providing a $200,000 senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility includes an “accordion feature” that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional principal amount of up to $200,000, with a resulting maximum principal amount of $400,000, subject to the participating lenders electing to increase their commitments or new lenders being added to the Credit Agreement. The Revolving Credit Facility will mature on June 11, 2026.
The Company had no outstanding borrowings under the Revolving Credit Facility as of March 31, 2024 and June 30, 2023. Additionally, the Company had no outstanding letters of credit as of March 31, 2024 and June 30, 2023.