FINANCING ARRANGEMENTS

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS:

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

Revolving Credit Facility

	Maturity Date	September 30, 2021	September 30, 2021		June 30, 2021
	(Fiscal Year)	(Interest rate %)	(Dollars in thousands)
Revolving credit facility	2023	5.00%	$	195,805	$	186,911

At September 30, 2021, cash and cash equivalents totaled $45.5 million. As of September 30, 2021, the Company has $195.8 million of outstanding borrowings under a $293.3 million revolving credit facility. The credit facility decreased $1.1 million from $294.4 million as of June 30, 2021 in accordance with the bulk sale provisions in the revolving credit facility agreement, due to the sale of secured inventory related to our transition to third-party distribution partners. At September 30, 2021, the Company had outstanding standby letters of credit under the revolving credit facility of $15.7 million, primarily related to the Company's self-insurance program. The unused available credit under the revolving credit facility was $81.8 million as of September 30, 2021. The Company's liquidity per the agreement includes the unused available balance under the credit facility, unrestricted cash and cash equivalents and the shortfall in the gap in expected proceeds from the sale of salon assets of $20.9 million as of September 30, 2021. Total liquidity per the agreement was $148.2 million as of September 30, 2021. The revolving credit facility has a minimum liquidity covenant of $75.0 million. As of September 30, 2021, the Company had cash, cash equivalents and restricted cash of $56.1 million and current liabilities of $182.5 million.

The Company was in compliance with all covenants and other requirements of the financing arrangements as of September 30, 2021 and believes it will continue to be in compliance for at least one year from the filing date.