Long-Term Debt

3 Months Ended

Oct. 31, 2025

The components of long-term debt are as follows:


	October 31, 2025		July 31, 2025
Term loan	$	401,444	$	408,159

Senior unsecured notes	500,000		500,000
Unsecured notes	5,777		5,723
Other debt	18,843		19,930
Total long-term debt	926,064		933,812
Debt issuance costs, net of amortization	(10,104)		(10,833)
Total long-term debt, net of debt issuance costs	915,960		922,979
Less: Current portion of long-term debt	(2,831)		(3,367)
Total long-term debt, net, less current portion	$	913,129	$	919,612

As discussed in Note 12 to the Company’s Consolidated Financial Statements included in the Fiscal 2025 Form 10-K, the Company is a party to a term loan agreement, which consists of both a United States dollar-denominated term loan tranche (“USD term loan”) and a Euro-denominated term loan tranche (“Euro term loan”) and a $1,000,000 asset-based credit facility (“ABL”).

As of October 31, 2025, the outstanding USD term loan balance of $50,000 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 6.21%. The total interest rate on the October 31, 2025 outstanding Euro term loan tranche balance of $351,444 was 4.64%. The Senior Unsecured Notes were issued on October 14, 2021 in an aggregate principal amount of $500,000 and bear fixed interest at a rate of 4.00%.

As of October 31, 2025 and July 31, 2025, there were no outstanding ABL borrowings. Availability under the ABL agreement is subject to a borrowing base based on a percentage of applicable eligible receivables and eligible inventory, and based on October 31, 2025 eligible receivables and eligible inventory balances and net of amounts drawn, if any, totaled approximately $930,000.

For the three-month periods ended October 31, 2025 and October 31, 2024, interest expense on total long-term debt was $11,906 and $17,585, respectively. These interest expense amounts include the amortization of capitalized debt issuance costs of $932 and $2,166, for the three-month periods ended October 31, 2025 and October 31, 2024, respectively.

The fair value of the Company’s term loan debt at October 31, 2025 and July 31, 2025 was $404,080 and $410,124, respectively. The fair value of the Company’s Senior Unsecured Notes at October 31, 2025 and July 31, 2025 was $471,250 and $469,100, respectively. The fair value of all other debt held by the Company approximates carrying value. The fair values of the Company’s long-term debt are primarily estimated using Level 2 inputs as defined by ASC 820, based on quoted prices in markets that are not active.

Subsequent to October 31, 2025, the Company made a payment of $46,264 against the principal balance of its Euro term loan.