Note 8 - Debt

3 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

8)     Debt

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

	September 30, 2022			June 30, 2022
Bank credit agreements	$	199,000		$	175,000
Total funded debt		199,000			175,000
Issuance cost		(85	)		(170	)
Total long-term debt	$	198,915		$	174,830

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 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 September 30, 2022, the Company had standby letters of credit outstanding, primarily for insurance purposes, of $6.1 million and had the ability to borrow $294.2 million under the facility. Funds borrowed under the facility  may be used for the repayment of debt, working capital, capital expenditures, acquisitions (so long as certain conditions, including a specified funded debt to EBITDA leverage ratio is maintained), and other general corporate purposes.  The facility contains customary representations, warranties and restrictive covenants, as well as specific financial covenants which the Company was compliant with as of  September 30, 2022.  At September 30, 2022, the carrying value of the current borrowings approximate fair value.