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Debt
6 Months Ended
Oct. 31, 2017
Debt Disclosure [Abstract]  
Debt
Debt
Credit Facility
On July 18, 2007, the Company entered into a loan and security agreement with Comerica Bank which was most recently amended and restated on November 21, 2014. The Amended and Restated Credit Facility (the “Credit Facility”) provides for a secured, revolving line of credit of up to $70.0 million, with a sublimit of $3.0 million for the incurrence of swingline loans and a sublimit of $15.0 million for the issuance of letters of credit. Borrowings under the Credit Facility are collateralized by substantially all assets of the Company and of its U.S. subsidiaries. The revolving line of credit bears interest at the adjusted LIBOR rate plus 3.5%. Availability under the Credit Facility was $60.1 million as of October 31, 2017. The Company had letters of credit outstanding of $9.9 million as of October 31, 2017. The Credit Facility expires on November 21, 2017 with all advances immediately due and payable. The Company was in compliance with all covenants contained in the Credit Facility as of October 31, 2017.
The Company incurred $0.7 million of fees in connection with the Amended and Restated Credit Facility which were capitalized and are being amortized to interest expense using the straight-line method, which approximates the effective interest method, over the life of the Credit Facility.
During the three months ended October 31, 2017 the Company paid $27.0 million on its Credit Facility, reducing the Company's outstanding debt to $0.0 million. The carrying value of the Company's debt approximates its fair value.
The Credit Facility expired on November 21, 2017. Upon expiration of the Credit Facility the Company's $9.9 million in letters of credit outstanding will be collateralized by cash and cash equivalents, which will be reported as restricted cash on the Company's consolidated balance sheet beginning in the third quarter of fiscal 2018.