Long-term debt

9 Months Ended

Jul. 31, 2024

A summary of long-term debt is as follows:


	July 31, 2024		October 31, 2023
Notes Payable	$	10,644	$	5,019
Revolving credit agreement, due 2028	130,000		248,000
Term loan due 2026	280,000		300,000
Senior notes, due 2025	8,500		32,000
Senior notes, due 2025-2027	37,143		54,286
Senior notes, due 2025-2030	190,000		260,000

5.600% Notes due 2028	350,000		350,000
5.800% Notes due 2033	500,000		500,000

	1,506,287		1,749,305
Less current maturities	96,288		115,662
Less unamortized debt issuance costs	10,487		10,773
Less bond discounts	1,357		1,476
Long-term maturities	$	1,398,155	$	1,621,394

Revolving credit agreement — In June 2023, we entered into a $1,150,000 unsecured multi-currency credit facility with a group of banks, which provides for a term loan facility in the aggregate principal amount of $300,000 (the "Term Loan Facility"), maturing in June 2026, and a multicurrency revolving credit facility in the aggregate principal amount of $850,000 (the "Revolving Facility"), maturing in June 2028 (the "New Credit Agreement"). In June 2024, the Revolving Facility was amended to increase the aggregate principal amount to $922,500. The Company borrowed and had outstanding $280,000 on the Term Loan Facility and $130,000 on the Revolving Facility as of July 31, 2024. The Revolving Facility permits borrowing in U.S. Dollars, Euros, Sterling, Swiss Francs, Singapore Dollars, Yen, and each other currency approved by a Revolving Facility lender. The New Credit Agreement provides that the applicable margin for (i) RFR, as defined in the New Credit Agreement, and Eurodollar Loans will range from 0.85% to 1.20% and (ii) Base Rate Loans will range from 0.00% to 0.20%, in each case, based on the Company’s Leverage Ratio (as defined in the New Credit Agreement and calculated on a consolidated net debt basis). Borrowings under the New Credit Agreement bear interest at (i) either a base rate or a SOFR rate, with respect to borrowings in U.S. dollars, (ii) a eurocurrency rate, with respect to borrowings in Euros and Yen, or (iii) Daily Simple RFR, with respect to borrowings in Sterling, Swiss Francs or Singapore Dollars, plus, in each case, an applicable margin (and, solely in the case of Singapore Dollars, a spread adjustment). The applicable margin is based on the Company’s Leverage Ratio. The weighted-average interest rate at July 31, 2024 was 6.39%.

364-day term loan agreement — In June 2024, we entered into a 364-day term loan agreement (the "Term Loan Agreement") with a group of banks. The Term Loan Agreement provides for a delayed draw term loan facility in the aggregate principal amount of $500,000 and was entered into to fund, in part, the acquisition of Atrion.

Senior notes, due 2025 — These unsecured fixed-rate notes entered into in 2012 with a group of insurance companies have a remaining weighted-average life of 0.99 years. The weighted-average interest rate at July 31, 2024 was 3.07%.

Senior notes, due 2025-2027 — These unsecured fixed-rate notes entered into in 2015 with a group of insurance companies have a remaining weighted-average life of 1.80 years. The weighted-average interest rate at July 31, 2024 was 3.13%.

Senior notes, due 2025-2030 — These unsecured fixed-rate notes entered into in 2018 with a group of insurance companies have a remaining weighted-average life of 2.95 years. The weighted-average interest rate at July 31, 2024 was 4.03%.

5.60% Notes due 2028 and 5.80% Notes due 2033 — In September 2023, we completed an underwritten public offering (the "Offering") of $350,000 aggregate principal amount of 5.60% Notes due 2028 and $500,000 aggregate principal amount of 5.80% Notes due 2033.

We were in compliance with all covenants at July 31, 2024, and the amount we could borrow would not have been limited by any debt covenants.