| Schedule of Debt Long-term and Short-term Instruments |
The following table summarizes the debt of the Company as of June 30, 2016 and June 30, 2015:
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As of June 30, 2016 |
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As of June 30, 2015 |
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Amount
(in thousands)
|
|
Effective
Interest Rate
|
|
Amount
(in thousands) |
|
Effective
Interest Rate
|
Fixed-rate 2.375% Senior notes due on November 1, 2017 |
$ |
250,000 |
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|
2.396 |
% |
|
$ |
250,000 |
|
|
2.396 |
% |
Fixed-rate 3.375% Senior notes due on November 1, 2019 |
250,000 |
|
|
3.377 |
% |
|
250,000 |
|
|
3.377 |
% |
Fixed-rate 4.125% Senior notes due on November 1, 2021 |
500,000 |
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|
4.128 |
% |
|
500,000 |
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|
4.128 |
% |
Fixed-rate 4.650% Senior notes due on November 1, 2024(1)
|
1,250,000 |
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|
4.682 |
% |
|
1,250,000 |
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|
4.682 |
% |
Fixed-rate 5.650% Senior notes due on November 1, 2034 |
250,000 |
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|
5.670 |
% |
|
250,000 |
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|
5.670 |
% |
Term loans |
576,250 |
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|
1.714 |
% |
|
711,250 |
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|
1.498 |
% |
Total debt |
3,076,250 |
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|
3,211,250 |
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Unamortized discount |
(3,312 |
) |
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(3,723 |
) |
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Unamortized debt issuance costs |
(15,002 |
) |
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(17,111 |
) |
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Total debt |
$ |
3,057,936 |
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$ |
3,190,416 |
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Reported as: |
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Current portion of long-term debt |
$ |
— |
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$ |
16,981 |
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Long-term debt |
3,057,936 |
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|
3,173,435 |
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Total debt |
$ |
3,057,936 |
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$ |
3,190,416 |
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__________________
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(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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| Schedule of Principal Payments and Maturities of Long-term Debt |
Future principal payments for the Company’s term loans (without giving effect to $117.5 million of principal prepayments as of June 30, 2016 that shall be applied to the future schedule quarterly payments) as of June 30, 2016, are as follows:
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Fiscal Quarters Ending |
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Quarterly Payment
(in thousands)
|
September 30, 2016 through December 31, 2016 |
|
$ |
9,375 |
|
March 31, 2017 through December 31, 2017 |
|
$ |
14,063 |
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March 31, 2018 through September 30, 2019 |
|
$ |
18,750 |
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December 31, 2019 |
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$ |
487,500 |
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As of June 30, 2016, future principal payments for the long-term debt are summarized as follows. There are no scheduled payments for the term loans for the fiscal years ending June 30, 2017 and 2018 since the Company made $117.5 million of principal prepayments as of June 30, 2016.
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Fiscal year ending June 30, |
Amount
(In thousands)
|
2017 |
$ |
— |
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2018 |
250,000 |
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2019 |
70,000 |
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2020 |
756,250 |
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2021 |
— |
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Thereafter |
2,000,000 |
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Total payments |
$ |
3,076,250 |
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| Schedule of Debt Covenants |
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.
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Fiscal Quarters Ending |
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Maximum Leverage Ratio |
June 30, 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 |
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