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Credit Facilities
9 Months Ended
Apr. 30, 2015
Credit Facilities [Abstract]  
Credit Facilities

Note L – Credit Facilities

 

On October 28, 2014, the Company entered into a First Amendment (Amendment) to its five-year, multi-currency revolving credit facility with a group of banks under which the Company was able to borrow up to $250.0 million.  The Amendment increased the borrowing availability up to $400.0 million.  The credit facility provides that loans may be made under a selection of currencies and rate formulas including Base Rate Loans or LIBOR Rate Loans.  The interest rate on each advance is based on certain market interest rates and leverage ratios. Facility fees and other fees on the entire loan commitment are payable over the duration of this facility.  As of April 30, 2015, there was $275.0 million borrowed under this facility.  The multi-currency revolving facility contains debt covenants specifically related to maintaining a certain interest coverage ratio, and a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets.  As of April 30, 2015, the Company was in compliance with all such covenants.  The Company expects to remain in compliance with these covenants.