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DEBT
 12 Months Ended
Jun. 28, 2023
Debt Disclosure [Abstract]  
DEBT
Long-term debt consists of the following:
June 28, 2023June 29, 2022
Revolving credit facility$161.3 $271.3 
5.000% notes350.0 350.0 
8.250% notes(1)
350.0 — 
3.875% notes(2)
— 300.0 
Finance lease obligations67.8 90.2 
Total long-term debt929.1 1,011.5 
Less: unamortized debt issuance costs and discounts(6.7)(2.1)
Total long-term debt, less unamortized debt issuance costs and discounts922.4 1,009.4 
Less: current installments of finance lease obligations(3)
(10.2)(20.3)
Total long-term debt, less current portion$912.2 $989.1 
(1)On June 27, 2023 we issued $350.0 million of 8.250% senior notes due July 2030.
(2)On May 15, 2023 the 3.875% notes matured and were repaid in full using borrowings under our revolving credit facility.
(3)Current installments of finance lease obligations, for the periods presented, are recorded within Other accrued liabilities in the Consolidated Balance Sheets. Refer to Note 6 - Accrued Liabilities for further details.
Excluding finance lease obligations and interest, our long-term debt maturities for the five fiscal years following June 28, 2023 and thereafter are as follows:
Fiscal YearLong-Term Debt
2024$— 
2025350.0 
2026— 
2027161.3 
2028— 
Thereafter350.0 
$861.3 
Revolving Credit Facility
On May 2, 2023, we amended our $800.0 million revolving credit facility to increase the capacity to $900.0 million and to adopt SOFR as the new benchmark rate, replacing LIBOR. During fiscal 2023, we incurred and capitalized $0.5 million of debt issuance costs associated with the revolving credit facility, which are included in Other assets in the Consolidated Balance Sheets.
The $900.0 million revolving credit facility, as amended, matures on August 18, 2026 and bears interest of SOFR plus an applicable margin of 1.500% to 2.250% and an undrawn commitment fee of 0.250% to 0.350%, both based on a function of our debt-to-cash-flow ratio. As of June 28, 2023, our interest rate was 6.952% consisting of SOFR of 5.102% plus the applicable margin and spread adjustment of 1.850%. As of June 28, 2023, there was $738.7 million of borrowing capacity under the revolving credit facility.
3.875% Notes
On May 15, 2023, our $300.0 million 3.875% notes matured and the payoff was funded with borrowings from our revolving credit facility.
8.250% Notes
On June 27, 2023, we issued $350.0 million of 8.250% senior notes due July 15, 2030 and used $340.0 million of the proceeds to reduce outstanding borrowings on the revolver. The 2030 Notes require semi-annual interest payments in arrears, on each January 15 and July 15, beginning on January 15, 2024. During fiscal 2023, we incurred and capitalized $5.7 million of debt issuance costs associated with the 2030 Notes, which are included in Long-term debt and finance leases, less current installments in the Consolidated Balance Sheets.
5.000% Notes
In fiscal 2017, we issued $350.0 million of 5.000% senior notes due October 2024 (the “2024 Notes”). The notes require semi-annual interest payments which began on April 1, 2017.
Financial and Other Covenants
The indentures for the 2024 Notes and 2030 Notes contain certain covenants, including, but not limited to, limitations and restrictions on the ability of the Company and its Restricted Subsidiaries (as defined in the indentures) to (i) create liens on Principal Property (as defined in the Indenture) and (ii) merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or
substantially all of their property. These covenants are subject to a number of important conditions, qualifications, exceptions and limitations.
Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios. As of June 28, 2023, we were in compliance with our covenants pursuant to the $900.0 million revolving credit facility and under the terms of the indentures governing our 2024 Notes and 2030 Notes. We expect to remain in compliance with our covenants throughout fiscal 2024.