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.

ABL Facility Amendment

On November 18, 2016, the Company entered into a Second Amendment to ABL Credit Agreement (the “Second Amendment”) which amended the existing ABL Credit Agreement, dated April 1, 2014 (as amended by that certain First Amendment to ABL Credit Agreement, dated as of February 17, 2016, the “ABL Credit Agreement”), among GYP Holdings III Corp., as borrower, GYP Holdings II Corp., the lenders party hereto and Wells Fargo Bank, N.A., as administrative agent and collateral agent for the lenders.

The Second Amendment amended the ABL Credit Agreement to, among other things, (i) increase the Revolving Credit Commitments thereunder from $300,000 to $345,000, and (ii) extend the maturity date of the ABL Credit Agreement from April 1, 2019 to the earlier of (a) November 18, 2021 or (b) the date of termination in whole of the ABL Credit Agreement and the related obligations. The Second Amendment amended the interest rate margin applicable to loans borrowed under the Credit Agreement to reflect a 0.25% decrease in the interest rate margin at each pricing level (as defined in the ABL Credit Agreement) relative to the interest rate margins charged at the corresponding pricing levels under the Credit Agreement. In addition, we recorded a write-off of debt discount and deferred financing fees of $211 to “Write-off of discount and deferred financing fees” in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Long‑term debt at January 31, 2017 and April 30, 2016 consists of the following:


	January 31,		April 30,
	2017		2016
First Lien Term Loan due 2021 (1) (2)	$	470,978	$	373,998
Second Lien Term Loan due 2022 (3) (4)		—		154,517
ABL Facility		120,821		101,910
Capital lease obligations, at an annual rate of 5.50%, due in monthly installments through August 2022		14,283		11,449
Installment notes at fixed rates up to 2.7%, due in monthly and annual installments through April 2021		6,197		2,736
		612,279		644,610
Less: Current portion		11,235		35,581
Total long‑term debt	$	601,044	$	609,029

(1)

Net of unamortized discount of $1,764 and $1,355 as of January 31, 2017 and April 30, 2016, respectively.

(2)

Net of deferred financing costs of $6,077 and $6,847 as of January 31, 2017 and April 30, 2016, respectively.

(3)

Net of unamortized discount of $1,183 at April 30, 2016.

(4)

Net of deferred financing costs of $4,300 at April 30, 2016.