| Schedule of Debt Long-term and Short-term Instruments |
In addition, the Company is required to maintain the maximum leverage ratio as described in the Credit Agreement, on a quarterly basis, covering the trailing four consecutive fiscal quarters for the fiscal quarters as described below.
|
|
|
|
Fiscal Quarters Ending |
|
Maximum Leverage Ratio |
June 30, 2015 |
|
4.25:1.00 |
September 30, 2015 and December 31, 2015 |
|
4.00:1.00 |
March 31, 2016 through September 30, 2016 |
|
3.75:1.00 |
December 31, 2016 and March 31, 2017 |
|
3.50:1.00 |
Thereafter |
|
3.00:1.00 |
The following table summarizes the debt of the Company as of June 30, 2015 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 |
|
As of June 30, 2014 |
|
Amount
(in thousands)
|
|
Effective
Interest Rate
|
|
Amount
(in thousands) |
|
Effective
Interest Rate
|
Fixed-rate 6.900% Senior notes due on May 1, 2018 |
$ |
— |
|
|
|
|
$ |
750,000 |
|
|
7.001 |
% |
Fixed-rate 2.375% Senior notes due on November 1, 2017 |
250,000 |
|
|
2.396 |
% |
|
— |
|
|
|
Fixed-rate 3.375% Senior notes due on November 1, 2019 |
250,000 |
|
|
3.377 |
% |
|
— |
|
|
|
Fixed-rate 4.125% Senior notes due on November 1, 2021 |
500,000 |
|
|
4.128 |
% |
|
— |
|
|
|
Fixed-rate 4.650% Senior notes due on November 1, 2024(1)
|
1,250,000 |
|
|
4.682 |
% |
|
— |
|
|
|
Fixed-rate 5.650% Senior notes due on November 1, 2034 |
250,000 |
|
|
5.670 |
% |
|
— |
|
|
|
Term loans |
711,250 |
|
|
|
|
— |
|
|
|
Total debt |
3,211,250 |
|
|
|
|
750,000 |
|
|
|
Unamortized discount |
(3,723 |
) |
|
|
|
(2,081 |
) |
|
|
Unamortized debt issuance costs(2)
|
(17,111 |
) |
|
|
|
(2,818 |
) |
|
|
Total debt |
$ |
3,190,416 |
|
|
|
|
$ |
745,101 |
|
|
|
|
|
|
|
|
|
|
|
Reported as: |
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
16,981 |
|
|
|
|
$ |
— |
|
|
|
Long-term debt |
3,173,435 |
|
|
|
|
745,101 |
|
|
|
Total debt |
$ |
3,190,416 |
|
|
|
|
$ |
745,101 |
|
|
|
__________________
|
|
(1) |
The effective interest rate disclosed above for this series of Senior Notes excludes the impact of the treasury rate lock hedge discussed below. The effective interest rate including the impact of the treasury rate lock hedge was 4.626%.
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|
|
(2) |
The Company early adopted the accounting standard update regarding simplification of the presentation of debt issuance costs, which requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Accordingly, the Company applied the accounting standard update on a retrospective basis by reclassifying the presentation of the debt issuance costs totaling $2.8 million which was originally included in other current and other non-current assets against the long-term debt on the Consolidated Balance Sheet as of June 30, 2014. The change in the classification of the debt issuance costs reduced total assets and total liabilities by $2.8 million as of June 30, 2014. There is no impact to the Company’s Consolidated Statements of Operations, Comprehensive Income, Stockholder’s Equity and Cash Flows for the fiscal year ended June 30, 2014.
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|
| Schedule of Principal Payments and Maturities of Long-term Debt |
As of June 30, 2015, future principal payments for long-term debt, including the current portion, are summarized as follows.
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|
|
|
|
Fiscal year ending June 30, |
Amount
(In thousands)
|
2016 |
$ |
17,500 |
|
2017 |
46,875 |
|
2018 |
315,625 |
|
2019 |
75,000 |
|
2020 |
756,250 |
|
Thereafter |
2,000,000 |
|
Total payments |
$ |
3,211,250 |
|
Future principal payments for the Company’s term loans (without giving effect for any prepayments made) as of June 30, 2015, are as follows:
|
|
|
|
|
|
Fiscal Quarters Ending |
|
Quarterly Payment
(in thousands)
|
June 30, 2015 through December 31, 2016 |
|
$ |
9,375 |
|
March 31, 2017 through December 31, 2017 |
|
$ |
14,063 |
|
March 31, 2018 through September 30, 2019 |
|
$ |
18,750 |
|
December 31, 2019 |
|
$ |
487,500 |
|
|