FINANCING ARRANGEMENTS

12 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

The Company's long-term debt consists of the following:

		Interest rate %
		Fiscal Years		June 30,
	Maturity Dates	2017	2016	2017		2016
	(fiscal year)			(Dollars in thousands)
Senior Term Notes, net	2020	5.50%	5.50%	$	120,599	$	119,606
Revolving credit facility	2018	—	—	—		—
				$	120,599	$	119,606

The debt agreements contain covenants, including limitations on incurrence of debt, granting of liens, investments, merger or consolidation, certain restricted payments and transactions with affiliates. In addition, the Company must adhere to specified fixed charge coverage and leverage ratios. The Company was in compliance with all covenants and other requirements of our financing arrangements as of June 30, 2017.

Senior Term Notes

In December 2015, the Company exchanged its $120.0 million5.75% senior notes due December 2017 for $123.0 million5.5% senior notes due December 2019 (Senior Term Notes). The Senior Term Notes were issued at a $3.0 million discount which is being amortized to interest expense over the term of the notes. The Company accounted for this non-cash exchange as a debt modification, as it was with the same lenders and the changes in terms were not considered substantial. Interest on the Senior Term Notes is payable semi-annually in arrears on June 1 and December 1 of each year. The Senior Term Notes are unsecured and not guaranteed by any of the Company's subsidiaries or any third party.

The following table contains details related to the Company's Senior Term Notes:

	June 30,
	2017			2016
	(Dollars in thousands)
Principal amount on the Senior Term Notes	$	123,000		$	123,000
Unamortized debt discount	(1,815		)	(2,565		)
Unamortized debt issuance costs	(586		)	(829		)
Senior Term Notes, net	$	120,599		$	119,606

Revolving Credit Facility

In January 2016, the Company amended its revolving credit facility primarily reducing the borrowing capacity from $400.0 to $200.0 million. The revolving credit facility expires in June 2018 and has rates tied to a LIBOR credit spread and a quarterly facility fee on the average daily amount of the facility (whether used or unused). Both the LIBOR credit spread and the facility fee are based on the Company's debt to EBITDA ratio at the end of each fiscal quarter. In addition, the Company may request an increase in revolving credit commitments under the facility of up to $200.0 million under certain circumstances. Events of default under the credit agreement include change of control of the Company and the Company's default with respect to other debt exceeding $10.0 million. As of June 30, 2017 and 2016, the Company had no outstanding borrowings under this revolving credit facility. Additionally, the Company had outstanding standby letters of credit under the revolving credit facility of $1.5 and $1.6 million at June 30, 2017 and 2016, respectively, primarily related to its self-insurance program. Unused available credit under the facility at June 30, 2017 and 2016 was $198.5 and $198.4 million, respectively.