Long-Term Debt

6 Months Ended

Oct. 31, 2021

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


	October 31, 2021		April 30, 2021
	(in thousands)
Term Loan Facility	$	507,168	$	509,722
Unamortized discount and deferred financing costs on Term Loan Facility	(4,152)		(4,735)
Senior Notes	350,000		350,000
Unamortized discount and deferred financing costs on Senior Notes	(5,152)		(5,485)
ABL Facility	140,600		—
Finance lease obligations	112,274		117,948
Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025	8,188		11,716
Unamortized discount on installment notes	(553)		(739)

Carrying value of debt	1,108,373		978,427
Less current portion	46,082		46,018
Long-term debt	$	1,062,291	$	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 October 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 provided for aggregate revolving commitments of $445.0 million as of October 31, 2021. 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.

As of October 31, 2021, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were 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 October 31, 2021, the applicable base rate of interest was 3.50%.

As of October 31, 2021, the Company had available borrowing capacity of approximately $278.0 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 and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, 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. Such covenants are subject to several important exceptions and qualifications set forth in the Term Loan Facility and the indenture governing the Senior Notes. The Company was in compliance with all covenants contained in the Term Loan Facility and the indenture governing the Senior Notes as of October 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 October 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 $24.2 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 October 31, 2021, the Company had available borrowing capacity of approximately $24.2 million under the Canadian Facility. The Canadian Facility matures on January 12, 2026.

Debt Maturities

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


	Term Loan Facility		Senior Notes		ABL Facility		Finance Leases		Installment Notes		Total
Year Ending April 30,	(in thousands)
2022 (remaining six months)	$	2,556	$	—	$	—	$	19,844	$	857	$	23,257
2023	5,110		—		—		33,479		4,505		43,094
2024	5,110		—		—		26,763		1,881		33,754
2025	5,110		—		140,600		17,028		921		163,659
2026	489,282		—		—		9,823		24		499,129
Thereafter	—		350,000		—		5,337		—		355,337
	$	507,168	$	350,000	$	140,600	$	112,274	$	8,188	$	1,118,230