Long-Term Debt

9 Months Ended

Jan. 31, 2024

4.625% Senior Unsecured Notes due 2027

Long-term debt, net at amortized cost, consisted of the following:


In thousands	January 31, 2024		April 30, 2023
Senior Unsecured Notes	$	400,000	$	400,000
Less: Unamortized discount and issuance costs	(3,245)		(3,806)
Long-term borrowings, net of unamortized discount and debt issuance costs	$	396,755	$	396,194

Credit Facilities

On June 24, 2022, the Company entered into an amendment (the “Amendment”) to its December 16, 2019 Credit Agreement (the “Credit Agreement”; as amended by the Amendment, the “Amended Credit Agreement”) with a syndicate of banks and Bank of America, National Association as administrative agent. The Amended Credit Agreement provides for five-year senior secured credit facilities in an aggregate amount of $1,150.0 million comprised of a $650.0 million revolving credit facility (the “Revolver”) and a $500.0 million delayed draw term loan facility (the “Delayed Draw Facility”, and together with the Revolver, the “Credit Facilities”). The Delayed Draw Facility expired on June 24, 2023.

As of January 31, 2024 and April 30, 2023, there was no outstanding liability under the Credit Facilities, and the Company was in compliance with its debt covenants. The Company had a total of $645.4 million and $1,145.4 million available under the Credit Facilities after $4.6 million and $4.6 million of standby letters of credit were issued as of January 31, 2024 and April 30, 2023, respectively. Of the amount available under the Credit Facilities as of April 30, 2023, $500.0 million was under the Delayed Draw Facility that expired on June 24, 2023. The Company had a total of $14.0 million and $11.5 million of standby letters with other financial institutions as of January 31, 2024 and April 30, 2023, respectively. The standby letters of credit were generally issued as a result of entering into office premise leases.