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Long-term Debt and Fair Value Disclosure
9 Months Ended
Jan. 31, 2019
Long-Term Debt and Fair Value Disclosure [Abstract]  
Long-term Debt and Fair Value Disclosure
Long-Term Debt and Fair Value Disclosure
The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $1,278,000 and $1,277,000 at January 31, 2019 and April 30, 2018, respectively.
In January 2019, the Company entered into a new credit agreement that provides for a $300 million unsecured revolving credit facility which includes a $30 million sublimit for letters of credit and a $30 million sublimit for swingline loans (the "Credit Facility"). The maturity date is January 11, 2024. Amounts borrowed under the Credit Facility bear interest at variable rates based upon, at the Company's option, either (a) LIBOR plus an applicable margin or (b) an alternate base rate. The Credit Facility also carries a facility fee between 0.2% and 0.4% per annum based on the Company's consolidated leverage ratio as defined in the credit agreement. The Company has $50 million outstanding under the new Credit Facility at January 31, 2019. Concurrently with this new credit agreement, the Company also reduced its existing unsecured revolving line of credit from $150,000 to $25,000 (the "Bank Line"), under which there was $0 outstanding at January 31, 2019 and $39,600 outstanding at April 30, 2018.