Debt

Our long-term debt consists of the following:



			Carrying Value
	Interest Rate		April 28, 2018			April 29, 2017
Senior notes due fiscal 2018 ⁽¹⁾	5.75	%	$	—		$	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
Senior notes due fiscal 2028 ⁽⁴⁾	3.79	%	150,000			—
Term loan due fiscal 2022 ⁽⁵⁾	3.40	%	276,633			291,387
Less: Deferred debt issuance costs			(3,005		)	(3,361		)
Total debt			998,628			1,013,026
Less: Current maturities of long-term debt			(76,598		)	(14,754		)
Long-term debt			$	922,030		$	998,272


⁽¹⁾	Issued in March 2008.


⁽²⁾	Issued in December 2011.


⁽³⁾	Issued in March 2015.


⁽⁴⁾	Issued in March 2018.


⁽⁵⁾	Issued in June 2015, amended in January 2017. Interest rate is LIBOR plus 1.50% as of April 28, 2018.

Future principal payments due, based on stated contractual maturities for our long-term debt, are as follows as of April 28, 2018:



Fiscal Year
2019	$	76,598
2020	23,975
2021	29,508
2022	371,552
2023	—
Thereafter	500,000
Total	$	1,001,633

During fiscal 2016, we entered into a credit agreement ("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. In fiscal 2017, we entered into an amendment of the Credit Agreement (“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 28, 2018, $276,633 of the Amended Credit Agreement unsecured term loan was outstanding at an interest rate of 3.40%, and $16,000 was outstanding under the Amended Credit Agreement revolving line of credit at an interest rate of 2.95%. At April 29, 2017, $291,387 was outstanding under the Amended Credit Agreement unsecured term loan 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%.

In March 2018, we issued fixed-rate senior notes with an aggregate principal amount of $150,000, due fiscal 2028. The proceeds were used to repay $150,000 of senior notes that came due in March 2018.

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 28, 2018.