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.

Term Loan Amendment

On September 27, 2016, the Company entered into an Incremental First Lien Term Commitments Amendment (the “Incremental Amendment”) to the First Lien Credit Agreement (the “Credit Agreement”), dated April 1, 2014, among GYP Holdings III Corp., as borrower, GYP Holdings II Corp., the financial institutions from time to time party thereto, as lenders, and Credit Suisse AG, as administrative agent and collateral agent.

The Incremental Amendment amended the Credit Agreement to, among other things, (i) refinance approximately $381,225 in currently outstanding existing term loans borrowed under the Credit Agreement with a new tranche of $481,225 incremental term loans, and (ii) reduce the interest rate applicable to loans borrowed under the Credit Agreement to LIBOR plus 3.50% from LIBOR plus 3.75%. The portion of the incremental term loans that exceeded the refinanced existing term loans was used to repay the ABL Facility in part. In addition, we recorded a write-off of debt discount and deferred financing fees of $1,466 to “Write-off of discount and deferred financing fees” in the Condensed Consolidated Statements of Operations and Comprehensive Income. We accounted for the Incremental Amendment based upon the guidance within Accounting Standards Codification 470-50, “Debt-Modification and Extinguishment.”

On November 18, 2016, we amended our ABL Facility, see Note 13, “Subsequent Events.”

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


	October 31,		April 30,
	2016		2016
First Lien Term Loan due 2021 (1) (2)	$	471,676	$	373,998
Second Lien Term Loan due 2022 (3) (4)		—		154,517
ABL Facility		152,395		101,910
Capital lease obligations, at an annual rate of 5.25%, due in monthly installments through August 2022		14,137		11,449
Installment notes at fixed rates up to 2.7%, due in monthly and annual installments through April 2021		6,285		2,736
		644,493		644,610
Less: Current portion		11,168		35,581
Total long‑term debt	$	633,325	$	609,029

(1)

Net of unamortized discount of $1,886 and $1,355 as of October 31, 2016 and April 30, 2016, respectively.

(2)

Net of deferred financing costs of $6,460 and $6,847 as of October 31, 2016 and April 30, 2016, respectively.

(3)

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

(4)

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