Long-Term Debt (Tables)

6 Months Ended

Jan. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt as of January 31, 2018 and July 31, 2017 consisted of the following:

	January 31,			July 31,
	2018			2017
	(Amounts in thousands)
Senior secured debt:
Term loan, maturing on June 15, 2024, variable interest rates based on LIBOR plus 2.75%, at January 31, 2018	$	344,000		$	540,000
Total debt		344,000			540,000
Current maturities of long-term debt		—			(3,167	)
Unamortized debt issuance costs and original issue discount		(6,952	)		(13,731	)
Long-term debt, net of current maturities	$	337,048		$	523,102

Ratio of Net Funded Debt to Adjusted EBITDA

The Term Loan bears interest at a varying rate of LIBOR plus a margin based on net funded debt to adjusted EBITDA, as calculated in accordance with the Credit Agreement:

Term Loan - Ratio of Net Funded Debt to Adjusted EBITDA	Margin
Greater than 2.5 to 1.0		2.75	%
Less than or equal to 2.5 to 1.0		2.50	%

The Revolving Loan bears interest at a varying rate of LIBOR plus a margin based on net funded debt to adjusted EBITDA, as calculated in accordance with the Credit Agreement:

Revolving Loan - Ratio of Net Funded Debt to Adjusted EBITDA	Margin
Greater than 4.25 to 1.0		2.75	%
Greater than 3.75 to 1.0, but less than or equal to 4.25 to 1.0		2.50	%
Less than 3.75 to 1.0		2.25	%