Long-Term Debt

3 Months Ended

Jul. 31, 2025

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


	July 31, 2025		April 30, 2025
	(in thousands)
Term Loan Facility	$	491,269	$	492,515
Unamortized discount and deferred financing costs on Term Loan Facility	(5,044)		(5,317)
Senior Notes	350,000		350,000
Unamortized discount and deferred financing costs on Senior Notes	(2,570)		(2,741)
ABL Facility	271,414		225,478
Finance lease obligations	201,116		193,655
Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2029	7,455		10,756
Carrying value of debt	1,313,640		1,264,346
Less current portion	57,740		57,901
Long-term debt	$	1,255,900	$	1,206,445

Term Loan Facility

The Company has a senior secured first lien term loan facility (the “Term Loan Facility”) with $491.3 million outstanding as of July 31, 2025. 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, which began January 1, 2024 with the remaining balance due May 12, 2030. As of July 31, 2025, the applicable rate of interest under the Term Loan Facility was 6.58%. Borrowings under the Term Loan Facility bear interest at a floating rate per annum based on the Secured Overnight Financing Rate (“SOFR”) plus 2.25%. The Company has interest rate swap and collar agreements to convert the variable interest rate on a portion of its Term Loan Facility to a fixed rate. For more information, see Note 11, “Fair Value Measurements.”

Senior Notes

The Company has senior unsecured notes due May 2029 (the “Senior Notes”) in the aggregate principal amount of $350.0 million. 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.

On July 25, 2025, the Company delivered a notice of conditional full redemption (together with notices of conditional full redemption, delivered on each of August 8, 2025 and August 25, 2025, the “Redemption Notice”) to the holders of its outstanding Senior Notes. Pursuant to the Redemption Notice and the terms of the related indenture, the Company will redeem all $350.0 million aggregate principal amount of outstanding Senior Notes (the “Redemption”), at a redemption price of 101.156% of the principal amount of the Senior Notes outstanding, plus accrued and unpaid interest. The Redemption is conditioned upon the consummation of the transactions contemplated in the Merger Agreement.

Asset Based Lending Facility

The Company has an asset based revolving credit facility (the “ABL Facility”) that provides for aggregate revolving commitments of $950.0 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 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 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 July 31, 2025, the weighted average interest rate on borrowings was 5.68%.

As of July 31, 2025, the Company had available borrowing capacity of approximately $619.2 million under the ABL Facility. The ABL Facility matures on December 22, 2027. 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. As of July 31, 2025, the Company was in compliance with all covenants contained in the Term Loan Facility and the indenture governing the Senior Notes.

The ABL Facility contains certain covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of July 31, 2025.

Debt Maturities

As of July 31, 2025, 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)
2026 (remaining nine months)	$	3,741	$	—	$	—	$	38,547	$	507	$	42,795
2027	4,988		—		—		48,862		2,131		55,981
2028	4,988		—		271,414		43,029		2,057		321,488
2029	4,988		—		—		33,068		2,000		40,056
2030	4,988		350,000		—		23,169		760		378,917
Thereafter	467,576		—		—		14,441		—		482,017
	$	491,269	$	350,000	$	271,414	$	201,116	$	7,455	$	1,321,254