Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Debt and Other Financing Arrangements

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Note 6 - Debt and Other Financing Arrangements
9 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Debt Disclosure [Text Block]
Note
6
. Debt and Other Financing Arrangements:
 
On
August 1, 2018,
the Company entered into a new revolving line-of-credit and term loan governed by a Credit Agreement (the Credit Agreement). The Credit Agreement provides for a revolving credit facility of
$600.0
million, which can be increased by an additional
$200.0
million subject to certain conditions, and a term loan of
$250.0
million. Borrowings under the Credit Agreement
may
be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement bear interest at a variable rate. The current outstanding debt is based on the Eurodollar Loans term for which the interest rate is calculated as the sum of LIBOR plus an applicable margin. The applicable margin is determined from the total leverage ratio of the Company and updated on a quarterly basis. The annualized fee for any unused portion of the credit facility is currently 
20
basis points.
 
The Credit Agreement matures on
August 1, 2023
and contains customary restrictive and financial covenants and customary events of default. At the closing on
August 1, 2018,
the Company borrowed
$250.0
million under the term loan and
$330.0
million under the revolving credit facility. As of
March 31, 2019,
the outstanding balance under the Credit Agreement was
$522.6
million.