Note 10 - Debt

9 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

10

)     

Debt

Long-term debt is comprised of the following (in thousands):

	March 31, 2019			June 30, 2018
Bank credit agreements	$	293,000		$	194,000
Total funded debt		293,000			194,000
Issuance Cost		(1,275	)		(228	)
Total long-term debt	$	291,725		$	193,772

The Company’s debt payments are due as follows (in thousands):

Fiscal Year	March 31, 2019
2019	$	-
2020		-
2021		-
2022		-
2023		-
Thereafter		293,000
Total Debt		293,000
Issuance cost		(1,275	)
Debt net of issuance cost	$	291,725

Bank Credit Agreements

During the

second

quarter of fiscal year

2019,

the Company entered into a

five

-year Amended and Restated Credit Agreement (“Credit Facility”, or “facility”). The facility has a borrowing limit of

$500

million which is an increase of

$100

million from the prior facility’s

$400

million limit. The facility can be increased by an amount of up to

$250

million, in accordance with specified conditions contained in the agreement. The facility also includes a

$10

million sublimit for swing line loans and a

$35

million sublimit for letters of credit.

At

March 31, 2019,

the Company had standby letters of credit outstanding, primarily for insurance purposes, of

$7.4

million and had the ability to borrow

$175.9

million under the facility. At

March 31, 2019,

the carrying value of the current borrowings under the facility approximates fair value.