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CREDIT AGREEMENTS
9 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
CREDIT AGREEMENTS
CREDIT AGREEMENTS
The Company had two credit agreements (the “Former Credit Agreements”) that expired on September 30, 2013. The Former Credit Agreements provided an aggregate $50.0 million multi-currency committed line of credit. The international facility was secured by 65% of the capital stock of the Company’s main operating Ireland subsidiary and 100% of the capital stock of all of the remaining major foreign subsidiaries. The U.S. facility was secured by 100% of the capital stock of certain U.S. subsidiaries of the Company as well as inventory and receivables located in the U.S. For borrowings in U.S. currency, the interest rate under the Former Credit Agreements was equal to the higher of the federal funds rate plus 50 basis points or the prime rate. For borrowings in foreign currencies, the interest rate was determined by a LIBOR-based formula, plus an additional margin of 125 to 200 basis points, depending upon the Company’s consolidated earnings before interest, taxes, depreciation and amortization for the immediately preceding four calendar quarters. Under the terms of the Former Credit Agreements, the Company was required to pay to the lenders insignificant commitment fees on the unused portion of the line of credit. The Former Credit Agreements also contained certain financial covenants and restrictions on the Company’s ability to assume additional debt, repurchase stock, sell subsidiaries or acquire companies. On September 30, 2013, the expiration date of the Former Credit Agreements, the Company repaid the approximately $1.8 million outstanding under the Former Credit Agreements.
 
The Company also has a credit relationship with a European bank in the amount of EUR 1.0 million (approximately $1.4 million at the March 31, 2014 exchange rate). Under the terms of this facility, the Company may borrow in the form of either a line of credit or term debt. As of March 31, 2014, there were no balances outstanding on this credit facility, but approximately EUR 0.3 million (approximately $0.4 million at the March 31, 2014 exchange rate) of the credit facility has been used for guarantees. As of March 31, 2014, the Company had a borrowing capacity of approximately EUR 0.7 million (approximately $1.0 million at the March 31, 2014 exchange rate) available under this credit facility.

Under a credit agreement dated March 28, 2014 that closed on April 10, 2014, the Company entered into a $50.0 million multi-currency committed line of credit (the "Credit Agreement"), with terms and conditions that are comparable to the terms and conditions of the Former Credit Agreements.