Long-Term Debt

12 Months Ended

Jul. 31, 2020

Long-term debt consists of the following (in millions):


	July 31,
	2020		2019
Variable rate committed, unsecured $500.0 million revolving credit facility due July 21, 2022, interest rate of 1.29% as of July 31, 2020	$	240.0	$	286.5
Unsecured senior notes, $125.0 million principal payment due March 27, 2024, interest rate of 3.72% payable semi-annually	125.0		125.0
Unsecured senior notes, $125.0 million principal payment due June 17, 2030, interest rate of 3.18% payable semi-annually	125.0		125.0
Variable rate committed, unsecured €80.0 million term loan due October 28, 2024, interest rate of 0.70% as of July 31, 2020	94.7		—
Variable rate committed, unsecured $50.0 million term loan due July 21, 2020	—		50.0
Unsecured senior notes, $25.0 million principal payment due April 16, 2025, interest rate of 2.93% payable semi-annually	25.0		25.0
Variable rate guaranteed senior note, ¥1.65 billion due May 20, 2024. As of July 31, 2020, ¥1.0 billion outstanding with interest rate of 0.41% payable quarterly	9.6		15.2
Variable rate guaranteed senior note, ¥1.00 billion due July 15, 2021. As of July 31, 2020, ¥600.0 million outstanding with interest rate of 0.27% payable quarterly	5.7		9.2
Capitalized lease obligations, with various maturity dates and interest rates	—		0.2
Debt issuance costs, net	(1.9)		(1.5)
Subtotal	623.1		634.6
Less: current maturities	5.7		50.2
Total long-term debt	$	617.4	$	584.4

The Company’s $500.0 million revolving credit facility is with a group of lenders, in which it can borrow in multiple currencies, and matures on July 21, 2022. Key provisions include an accordion feature in which the Company can request to increase the revolving credit facility by up to $250.0 million, subject to terms of agreement including written notification and lender acceptance.

The Company has long-term borrowing capacity of $252.5 million available for further borrowing under existing credit facilities as of July 31, 2020. The remaining borrowing capacity has been reduced for standby letters of credit as discussed in Note 16.

Certain debt agreements contain financial covenants including interest coverage and leverage ratios, as well as customary non-financial covenants. As of July 31, 2020, the Company was in compliance with all such covenants.

The estimated future maturities of the Company’s long-term debt as of July 31, 2020, are as follows (in millions):


Year Ended July 31,	Amount
2021	$	5.7
2022	240.0
2023	—
2024	134.6
2025	119.7
Thereafter	125.0
Total estimated future maturities payments	625.0
Less: debt issuance costs, net	1.9
Total future maturities payments, net of debt issuance costs	$	623.1