Borrowings

9 Months Ended

Apr. 30, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

The Company had a $500.0 million unsecured revolving credit facility that was due to expire July 21, 2022. As of April 30, 2021, there was $417.3 million available on this facility. On May 21, 2021, the Company entered into a new five year committed, unsecured, revolving credit facility in the amount of $500.0 million, which replaced the Company’s previously existing $500.0 million unsecured revolving credit facility. The new agreement includes an option to increase the facility up to $250.0 million per the terms of the agreement, matures May 21, 2026 and has substantially the same terms and conditions as the previous agreement.

The Company also had a 364 day revolving credit agreement for $100.0 million as of April 30, 2021 that provided incremental borrowing capacity above the Company’s $500.0 million unsecured revolving credit facility. The 364 day revolving credit agreement expired on May 17, 2021 and the Company did not renew this agreement.

On May 21, 2021, the Company issued $150.0 million in senior unsecured notes. The first tranche is a $100.0 million ten year note due 2031 at a fixed interest rate of 2.5%, and proceeds will be received in August 2021. The second tranche is a $50.0 million seven year note due 2028 at a fixed interest rate of 2.12%, and proceeds will be received in November 2021. Interest payments will be due semi-annually. The unsecured notes specify both financial and non-financial covenants and address events of default.

Certain debt agreements contain financial covenants related to interest coverage and leverage ratios, as well as customary non-financial covenants. As of April 30, 2021, the Company was in compliance with all such covenants.