Long-term Debt | Long-Term Debt Long-term debt consists of the following (in thousands): September 30, June 30, Senior unsecured notes due June 2021 $ 1,706,454 $ 1,707,400 Senior unsecured notes due November 2023 1,420,000 574,428 Unsecured term loan due May 2016 — 200,000 Total debt (1) 3,126,454 2,481,828 Less: Current portion — — Long-term portion $ 3,126,454 $ 2,481,828 (1) The balance as of September 30, 2015 and June 30, 2015 includes unamortized net premium of $26.4 million and $31.8 million , respectively. We have issued senior unsecured notes due 2021 (the “2021 Senior Notes”) pursuant to an indenture dated as of July 2, 2013 and senior unsecured notes due 2023 (the “2023 Senior Notes”) pursuant to an indenture dated as of November 5, 2013. The 2021 Senior Notes accrue interest at 6.000% per annum, payable semi-annually, and become due and payable on June 15, 2021. The 2023 Senior Notes accrue interest at 6.125% per annum, payable semi-annually, and become due and payable on November 1, 2023. On July 16, 2015, we issued additional 2023 Senior Notes in the aggregate principal amount of $850.0 million . The additional 2023 Senior Notes were issued at an original issue price of 99.500% plus accrued interest from May 1, 2015. The net proceeds from the issuance of the additional 2023 Senior Notes of $842.5 million were used to finance the SRS Equity Buyout and repay the $200.0 million unsecured term loan due May 2016. As a result of the repayment of the unsecured term loan, unamortized debt issuance costs of $1.1 million were written off during the three months ended September 30, 2015 and are presented in other expense, net in the accompanying consolidated statement of income (loss). We intend to use any remaining net proceeds from the issuance of the 2023 Senior Notes for general corporate purposes, including continuing to actively seek, evaluate and potentially pursue strategic initiatives. Such strategic initiatives may include future acquisitions, joint ventures, investments or other business development opportunities. The 2021 Senior Notes include redemption provisions that allow us, at our option, to redeem all or a portion of the aggregate principal amount of the 2021 Senior Notes as follows: • At any time prior to June 15, 2016, we may redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes at a redemption price equal to 106.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest, if any, through the date of redemption. • At any time prior to June 15, 2017, we may redeem the 2021 Senior Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes redeemed plus a premium and accrued and unpaid interest to the redemption date. The premium at the applicable redemption date is the greater of: (1) 1.0% of the then outstanding principal amount of the notes; or (2) the excess of: (a) the present value at such redemption date of the sum of the redemption price of the notes at June 15, 2017 plus all required interest payments due on the notes through June 15, 2017 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the then outstanding principal amount of the notes. • At any time on or after June 15, 2017, we may redeem the 2021 Senior Notes, in whole or in part, at the following redemption prices, plus accrued and unpaid interest, if any, through the date of redemption: (i) if the redemption occurs on or after June 15, 2017 but prior to June 15, 2018, the redemption price is 103.000% of the principal amount of the notes; (ii) if the redemption occurs on or after June 15, 2018 but prior to June 15, 2019, the redemption price is 101.500% of the principal amount of the notes; and (iii) if the redemption occurs on or after June 15, 2019, the redemption price is 100% of the principal amount of the notes. The 2023 Senior Notes include redemption provisions that allow us, at our option, to redeem all or a portion of the aggregate principal amount of the 2023 Senior Notes as follows: • At any time prior to November 1, 2016, we may redeem up to 35% of the aggregate principal amount of the 2023 Senior Notes at a redemption price equal to 106.125% of the principal amount of the notes redeemed, plus accrued and unpaid interest, if any, through the date of redemption. • At any time prior to November 1, 2018, we may redeem the 2023 Senior Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes redeemed plus a premium and accrued and unpaid interest to the redemption date. The premium at the applicable redemption date is the greater of: (1) 1.0% of the then outstanding principal amount of the notes; or (2) the excess of: (a) the present value at such redemption date of the sum of the redemption price of the notes at November 1, 2018 plus all required interest payments due on the notes through November 1, 2018 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points over (b) the then outstanding principal amount of the notes. • At any time on or after November 1, 2018, we may redeem the 2023 Senior Notes, in whole or in part, at the following redemption prices, plus accrued and unpaid interest, if any, through the date of redemption: (i) if the redemption occurs on or after November 1, 2018 but prior to November 1, 2019, the redemption price is 103.063% of the principal amount of the notes; (ii) if the redemption occurs on or after November 1, 2019 but prior to November 1, 2020, the redemption price is 102.042% of the principal amount of the notes; (iii) if the redemption occurs on or after November 1, 2020 but prior to November 1, 2021, the redemption price is 101.021% of the principal amount of the notes; and (iv) if the redemption occurs on or after November 1, 2021, the redemption price is 100.000% of the principal amount of the notes. In connection with the pending merger with entities affiliated with Vista Equity Partners, the Company has commenced the requisite change of control redemption offer for the 2021 Senior Notes and the 2023 Senior Notes at a redemption price equal to 101.000% of the principal amount of the notes redeemed, plus accrued and unpaid interest, if any, through the redemption date. The costs associated with the issuance of the 2021 Senior Notes, the 2023 Senior Notes and the Credit Agreement are deferred and are included in other noncurrent assets in our consolidated balance sheet. We are amortizing these debt issuance costs to interest expense over the term of the related debt using the effective interest method. The indentures governing the 2021 Senior Notes and the 2023 Senior Notes contain limited covenants, including those restricting our and our subsidiaries’ ability to incur certain liens, engage in sale and leaseback transactions and consolidate, merge with, or convey, transfer or lease substantially all of our or their assets to, another person, and, in the case of any of our subsidiaries that did not issue or guarantee such notes, incur indebtedness. We are in compliance with the specified covenants of the 2021 Senior Notes and the 2023 Senior Notes at September 30, 2015 . |