4. Long‑Term Debt

Initial Public Offering

As described in Note 1, “—Initial Public Offering,” on June 1, 2016, we used the IPO proceeds together with cash on hand to repay the $160,000 principal amount of our term loan debt outstanding under our Second Lien Facility, which was a payment in full of the entire loan balance due under the Second Lien Facility. In addition, we recorded a write-off of debt discount and deferred financing fees of $5,426 to “Write-off of discount and deferred financing fees” in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Long‑term debt at July 31, 2016 and April 30, 2016 consists of the following:


	July 31,		April 30,
	2016		2016
First Lien Term Loan due 2021(1)(2)	$	373,451	$	373,998
Second Lien Term Loan due 2022(3)(4)		—		154,517
ABL Facility		156,606		101,910
Capital lease obligations, at an annual rate of 5.25%, due in monthly installments through August 2022		13,958		11,449
Installment notes at fixed rates up to 2.7%, due in monthly and annual installments through April 2021		2,719		2,736
		546,734		644,610
Less: Current portion		9,514		35,581
Total long‑term debt	$	537,220	$	609,029

(1)

Net of unamortized discount of $1,284 and $1,355 as of July 31, 2016 and April 30, 2016, respectively.

(2)

Net of deferred financing costs of $6,490 and $6,847 as of July 31, 2016 and April 30, 2016, respectively.

(3)

Net of unamortized discount of $0 and $1,183 as of July 31, 2016 and April 30, 2016, respectively.

(4)

Net of deferred financing costs of $0 and $4,300 as of July 31, 2016 and April 30, 2016, respectively.