| Schedule of Debt |
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
|
|
December 31, 2014
|
|
4.50:1.00
|
|
March 31, 2015 and 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
December 31, 2014
and
June 30, 2014
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
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
|
750,000
|
|
|
|
|
—
|
|
|
|
|
Total debt
|
3,250,000
|
|
|
|
|
750,000
|
|
|
|
|
Unamortized discount
|
(3,929
|
)
|
|
|
|
(2,081
|
)
|
|
|
|
Total debt
|
$
|
3,246,071
|
|
|
|
|
$
|
747,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported as:
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
$
|
37,500
|
|
|
|
|
$
|
—
|
|
|
|
|
Long-term debt
|
3,208,571
|
|
|
|
|
747,919
|
|
|
|
|
Total debt
|
$
|
3,246,071
|
|
|
|
|
$
|
747,919
|
|
|
|
__________________
|
|
|
(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%
.
|
|
| Schedule of Maturities of Term Loans |
Future principal payments for the Company’s term loans as of
December 31, 2014
, are as follows:
|
|
|
|
|
|
|
Fiscal Quarters Ending
|
|
Quarterly Payment
(in thousands)
|
|
March 31, 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
|
|
|