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Debt
9 Months Ended
Jan. 28, 2017
Debt Disclosure [Abstract]  
Debt
Debt

During fiscal 2016, we entered into a credit agreement (the "Credit Agreement"), under which the lenders provided us with senior unsecured lending facilities of up to $1,500,000, consisting of a $1,000,000 unsecured term loan and a $500,000 unsecured revolving line of credit. The Credit Agreement was due to expire in fiscal 2021.
In the third quarter of fiscal 2017, we entered into an amendment of the Credit Agreement (the “Amended Credit Agreement”), consisting of a $295,075 term loan and a $750,000 revolving line of credit. Interest on borrowings is variable and is determined as a base rate plus a spread. This spread, as well as a commitment fee on the unused portion of the facility, is based on our leverage ratio, as defined in the Amended Credit Agreement. The term loan and revolving credit facilities will mature no later than January 2022.
As of January 28, 2017, $295,075 of the Amended Credit Agreement unsecured term loan was outstanding at an interest rate of 2.27%, and $198,000 was outstanding under the Amended Credit Agreement revolving line of credit at an interest rate of 2.22%. At April 30, 2016, $317,625 was outstanding under the Credit Agreement unsecured term loan at an interest rate of 1.81%, and $20,000 was outstanding under the Credit Agreement revolving line of credit at an interest rate of 3.88%.