FINANCING ARRANGEMENTS:

9 Months Ended

Mar. 31, 2015

FINANCING ARRANGEMENTS:

The Company’s long-term debt consisted of the following:



			Amounts outstanding
	Maturity Dates	Interest Rate	March 31, 2015			June 30, 2014
	(fiscal year)		(Dollars in thousands)
Convertible senior notes	2015	5.00%	$	—		$	172,246
Senior term notes	2018	5.75	120,000			120,000
Revolving credit facility	2018	—	—			—
Equipment and leasehold notes payable	2015 - 2016	4.90 - 8.75	4			1,257
			120,004			293,503
Less current portion			(4		)	(173,501		)
Long-term portion			$	120,000		$	120,002

Convertible Senior Notes

In July 2009, the Company issued $172.5 million aggregate principal amount of 5.0% convertible senior notes due July 2014. In July 2014, the Company settled the convertible senior notes with $172.5 million in cash. The notes were unsecured, senior obligations of the Company and interest was payable semi-annually in arrears on January 15 and July 15 of each year at a rate of 5.0% per year. For the nine months ended March 31, 2015 and 2014, interest expense related to the 5.0% contractual interest coupon was $0.4 and $6.5 million, respectively, and interest expense related to the amortization of the debt discount was $0.3 and $4.3 million, respectively. For the three months ended March 31, 2014, interest expense related to the 5.0% contractual interest coupon and amortization of debt discount was $2.2 and $1.4 million, respectively.

Senior Term Notes

In November 2013, the Company issued $120.0 million aggregate principal amount of 5.75% senior notes due December 2017 (Senior Term Notes). Net proceeds from the issuance of the Senior Term Notes were $118.1 million. Interest on the Senior Term Notes is payable semi-annually in arrears on June 1 and December 1 of each year at a rate of 5.75% per year. The Senior Term Notes are unsecured and not guaranteed by any of the Company’s subsidiaries or any third parties.

Revolving Credit Facility

As of March 31, 2015 and June 30, 2014, the Company had no outstanding borrowings under this facility. Additionally, the Company had outstanding standby letters of credit under the facility of $2.1 and $2.2 million at March 31, 2015 and June 30, 2014, respectively, primarily related to the Company's self-insurance program. Unused available credit under the facility at March 31, 2015 and June 30, 2014 was $397.9 and $397.8 million, respectively.

The Company was in compliance with all covenants and requirements of its financing arrangements as of and during the three months ended March 31, 2015.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details