Debt

Our long-term debt consists of the following:



			Carrying Value
	Interest Rate		April 29, 2017			April 30, 2016
Senior notes due fiscal 2018 ⁽¹⁾	5.75	%	$	150,000		$	150,000
Senior notes due fiscal 2019 ⁽²⁾	2.95	%	60,000			60,000
Senior notes due fiscal 2022 ⁽²⁾	3.59	%	165,000			165,000
Senior notes due fiscal 2024 ⁽²⁾	3.74	%	100,000			100,000
Senior notes due fiscal 2025 ⁽³⁾	3.48	%	250,000			250,000
Term loan due fiscal 2022 ⁽⁴⁾	2.24	%	291,387			317,625
Less: Deferred debt issuance costs			(3,361		)	(3,970		)
Total debt			1,013,026			1,038,655
Less: Current maturities of long-term debt			(14,754		)	(16,500		)
Long-term debt			$	998,272		$	1,022,155


(1)	Issued in March 2008.


(2)	Issued in December 2011.


(3)	Issued in March 2015.


(4)	Issued in June 2015, amended in January 2017. Interest rate is LIBOR plus 1.25% as of April 29, 2017.

Future principal payments due, based on stated contractual maturities for our long-term debt, are as follows as of April 29, 2017:



Fiscal Year
2018⁽¹⁾	$	164,754
2019	76,598
2020	23,975
2021	29,508
2022	371,552
Thereafter	350,000
Total	$	1,016,387

(1) Includes $150,000 classified as long-term debt on the consolidated balance sheet as we have both the intent and ability to refinance at the time the debt is set to mature in March 2018.

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 April 29, 2017, $291,387 of the Amended Credit Agreement unsecured term loan was outstanding at an interest rate of 2.24%, and $59,000 was outstanding under the Amended Credit Agreement revolving line of credit at an interest rate of 2.19%. 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%.

We are subject to various financial covenants under our debt agreements including the maintenance of leverage and interest coverage ratios. In the event of our default, any outstanding obligations may become due and payable immediately. We were in material compliance with the covenants under our debt agreements as of April 29, 2017.