Annual facility fee, step up (as basis points)

  
NOTE 13.    BORROWINGSOutstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | ExpirationDate |  | Principal amount outstanding at June 30, 2022 |  | Carrying value at June 30, 2022 |  | Carrying value at June 30, 2021 |  | UnusedAvailableCapacity |  |  Fair Value at June 30, 2022 |
|  |  |  |  |  | (in millions) |  |  |
| Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
| Fiscal 2021 Revolving Credit Facility: |  |  |  |  |  |  |  |  |  |  |  |
| U.S. dollar tranche | April 2026 |  | $ | 25.0  |  |  | $ | 25.0  |  |  | $ | 20.0  |  |  | $ | 1,075.0  |  |  | $ | 25.0  |  |
| Multicurrency tranche | April 2026 |  | —  |  |  | —  |  |  | 94.4  |  |  | 400.0  |  |  | —  |  |
| Total Revolving Credit Facility |  |  | $ | 25.0  |  |  | $ | 25.0  |  |  | $ | 114.4  |  |  | $ | 1,475.0  |  |  | $ | 25.0  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Fiscal 2021 Term Loans | May 2024 |  | $ | 1,540.0  |  |  | $ | 1,535.8  |  |  | $ | 1,543.4  |  |  | $ | —  |  |  | $ | 1,540.0  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Fiscal 2016 Senior Notes | June 2026 |  | $ | 500.0  |  |  | $ | 497.4  |  |  | $ | 496.7  |  |  | $ | —  |  |  | $ | 484.3  |  |
| Fiscal 2020 Senior Notes | December 2029 |  | 750.0  |  |  | 743.4  |  |  | 742.5  |  |  | —  |  |  | 658.0  |  |
| Fiscal 2021 Senior Notes | May 2031 |  | 1,000.0  |  |  | 991.5  |  |  | 990.6  |  |  | —  |  |  | 837.5  |  |
| Total Senior Notes |  |  | $ | 2,250.0  |  |  | $ | 2,232.3  |  |  | $ | 2,229.8  |  |  | $ | —  |  |  | $ | 1,979.8  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Total debt |  |  | $ | 3,815.0  |  |  | $ | 3,793.0  |  |  | $ | 3,887.6  |  |  | $ | 1,475.0  |  |  | $ | 3,544.8  |  |

\_\_\_\_\_\_\_\_\_  
Future principal payments on the Company’s outstanding debt are as follows (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total |
| Years ending June 30, |  | $ | —  |  |  | $ | 1,540.0  |  |  | $ | —  |  |  | $ | 525.0  |  |  | $ | —  |  |  | $ | 1,750.0  |  |  | $ | 3,815.0  |  |

Fiscal 2021 Revolving Credit Facility: In April 2021, the Company entered into an amended and restated $1.5 billion five-year revolving credit facility, as further amended on December 23, 2021, (the “Fiscal 2021 Revolving Credit Facility”), which replaced the $1.5 billion five-year revolving credit facility entered into during March 2019 (the “Fiscal 2019 Revolving Credit Facility”) (together the “Revolving Credit Facilities”). The Fiscal 2021 Revolving Credit Facility is comprised of a $1.1 billion U.S. dollar tranche and a $400.0 million multicurrency tranche. The weighted-average interest rate on the Revolving Credit Facilities was 1.30%, 1.20% and 2.59% for the fiscal years ended June 30, 2022, 2021 and 2020, respectively. The fair value of the variable-rate Fiscal 2021 Revolving Credit Facility borrowings at June 30, 2022 approximates carrying value and has been classified as a Level 2 financial liability (as defined in Note 7, “Fair Value of Financial Instruments”).Under the Fiscal 2021 Revolving Credit Facility, revolving loans denominated in U.S. Dollars, Canadian Dollars, Euro, Yen, and Swedish Kronor initially bear interest at LIBOR, CDOR, EURIBOR, TIBOR and STIBOR, respectively, plus 1.015% per annum (subject to step-ups to 1.175% and step-downs to 0.805% based on ratings) and revolving loans denominated in Sterling initially bear interest at SONIA plus 1.0476% per annum (subject to step-ups to 1.2076% and step-downs to 0.8376% based on ratings). The Fiscal 2021 Revolving Credit Facility also has an annual facility fee equal to 11.0 basis points on the entire facility (subject to step-ups to 20.0 basis points and step-downs to 7.0 basis points based on ratings). The Company may voluntarily prepay, in whole or in part and without premium or penalty, borrowings under the Fiscal 2021 Revolving Credit Facility in accordance with individual drawn loan maturities. The Fiscal 2021 Revolving Credit Facility is subject to certain covenants, including a leverage ratio. At June 30, 2022, the Company is in compliance with all covenants of the Fiscal 2021 Revolving Credit Facility.   
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