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Long-Term Debt
 9 Months Ended
Jan. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The Company’s long-term debt consisted of the following:
January 31,
2022		April 30,
2021
(in thousands)
Term Loan Facility$505,890 $509,722 
Unamortized discount and deferred financing costs on Term Loan Facility(3,861)(4,735)
Senior Notes350,000 350,000 
Unamortized discount and deferred financing costs on Senior Notes(4,989)(5,485)
ABL Facility359,000 — 
Finance lease obligations112,967 117,948 
Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025
7,812 11,716 
Unamortized discount on installment notes(458)(739)
Carrying value of debt1,326,361 978,427 
Less current portion44,624 46,018 
Long-term debt$1,281,737 $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 remaining 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 January 31, 2022, the applicable rate of interest was 2.61%.
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 $545.0 million as of January 31, 2022. 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.
On November 30, 2021, the Company amended its ABL Facility to, among other things, increase the commitments thereunder by $100.0 million from $445.0 million to $545.0 million and change the interest rate provisions from LIBOR to Secured Overnight Financing Rate ("SOFR").
As of January 31, 2022, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were based on SOFR 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 January 31, 2022, the applicable base rate of interest was 3.50%.
As of January 31, 2022, the Company had available borrowing capacity of approximately $159.6 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 January 31, 2022.
The ABL Facility contains certain affirmative covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of January 31, 2022.
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 $23.6 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 January 31, 2022, the Company had available borrowing capacity of approximately $23.6 million under the Canadian Facility. The Canadian Facility matures on January 12, 2026.
Debt Maturities
As of January 31, 2022, the maturities of long-term debt were as follows
Term Loan
Facility		Senior NotesABL FacilityFinance
Leases		Installment
Notes		Total
Year Ending April 30,(in thousands)
2022 (remaining three months)$1,278 $— $— $9,107 $493 $10,878 
20235,110 — — 35,585 4,505 45,200 
20245,110 — — 28,819 1,881 35,810 
20255,110 — 359,000 19,082 921 384,113 
2026489,282 — — 11,867 12 501,161 
Thereafter— 350,000 — 8,507 — 358,507 
$505,890 $350,000 $359,000 $112,967 $7,812 $1,335,669