Long-Term Debt

3 Months Ended

Jul. 31, 2021

The Company’s long-term debt consisted of the following:


	July 31, 2021		April 30, 2021
	(in thousands)
Term Loan Facility	$	508,445	$	509,722
Unamortized discount and deferred financing costs on Term Loan Facility	(4,444)		(4,735)
Senior Notes	350,000		350,000
Unamortized discount and deferred financing costs on Senior Notes	(5,324)		(5,485)
ABL Facility	87,100		—
Finance lease obligations	112,906		117,948
Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025	9,723		11,716
Unamortized discount on installment notes	(647)		(739)
Canadian Facility	4,964		—
Carrying value of debt	1,062,723		978,427
Less current portion	46,687		46,018
Long-term debt	$	1,016,036	$	932,409

Term Loan Facility

The Company has a senior secured first lien term loan facility (the “Term Loan Facility”). The Company is required to make scheduled quarterly payments of $1.3 million, or 0.25% of the aggregate principal amount of the Term Loan Facility, with the balance due in June 2025. The Term Loan Facility bears interest at a floating rate based on LIBOR plus 2.50%, with a 0% floor. As of July 31, 2021, the applicable rate of interest was 2.59%.

Senior Notes

The Company has senior unsecured notes due May 2029 (the "Senior Notes"). The Senior Notes bear interest at 4.625% per annum and mature on May 1, 2029. Interest is payable semi-annually in arrears on May 1 and November 1.

Asset Based Lending Facility

The Company has an asset based revolving credit facility (the “ABL Facility”) that provides for aggregate revolving commitments of $445.0 million (including same day swing line borrowings of $44.5 million). Extensions of credit under the ABL Facility are limited by a borrowing base calculated periodically based on specified percentages of the value of eligible inventory and eligible accounts receivable, subject to certain reserves and other adjustments.

At the Company’s option, the interest rates applicable to the loans under the ABL Facility are based on LIBOR or base rate plus, in each case, an applicable margin. The margins applicable for each elected interest rate are subject to a pricing grid, as defined in the ABL Facility agreement, based on average daily availability for the most recent fiscal quarter. The ABL Facility also contains an unused commitment fee. As of July 31, 2021, the applicable rate of interest was 3.50%.

As of July 31, 2021, the Company had available borrowing capacity of approximately $335.5 million under the ABL Facility. The ABL Facility matures on September 30, 2024 unless the individual affected lenders agree to extend the maturity of their respective loans under the ABL Facility upon the Company’s request and without the consent of any other lender. The ABL Facility contains a cross default provision with the Term Loan Facility.

Debt Covenants

The Term Loan Facility contains a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement, to: incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. The Company was in compliance with all covenants contained in the Term Loan Facility as of July 31, 2021.

The Senior Notes contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate, and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of important exceptions and qualifications set forth in the related indenture. The Company was in compliance with all covenants contained in the Senior Notes as of July 31, 2021.

The ABL Facility contains certain affirmative covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of July 31, 2021.

Canadian Revolving Credit Facility

Through its WSB Titan (“Titan”) subsidiary, the Company has a revolving credit facility (the “Canadian Facility”) that provides for aggregate revolving commitments of $24.0 million ($30.0 million Canadian dollars). The Canadian Facility bears interest at the Canadian prime rate plus a marginal rate based on the level determined by Titan’s total debt to EBITDA ratio at the end of the most recently completed fiscal quarter or year. As of July 31, 2021, the Company had available borrowing capacity of approximately $19.1 million under the Canadian Facility. The Canadian Facility matures on January 12, 2026. As of July 31, 2021, the applicable rate of interest was 2.83%.

Debt Maturities

As of July 31, 2021, the maturities of long-term debt were as follows


	Term Loan Facility		Senior Notes		ABL Facility		Finance Leases		Installment Notes		Canadian Facility		Total
Year Ending April 30,	(in thousands)
2022 (remaining nine months)	$	3,833	$	—	$	—	$	28,263	$	2,464	$	—	$	34,560
2023	5,110		—		—		32,050		4,505		—		41,665
2024	5,110		—		—		25,234		1,881		—		32,225
2025	5,110		—		87,100		15,397		873		—		108,480
2026	489,282		—		—		8,207		—		4,964		502,453
Thereafter	—		350,000		—		3,755		—		—		353,755
	$	508,445	$	350,000	$	87,100	$	112,906	$	9,723	$	4,964	$	1,073,138