Debt

12 Months Ended

Apr. 27, 2019

Our long-term debt consists of the following:



			Carrying Value
	Interest Rate		April 27, 2019			April 28, 2018
Senior notes due fiscal 2019 ⁽¹⁾	2.95	%	—			60,000
Senior notes due fiscal 2022 ⁽¹⁾	3.59	%	165,000			165,000
Senior notes due fiscal 2024 ⁽¹⁾	3.74	%	100,000			100,000
Senior notes due fiscal 2025 ⁽²⁾	3.48	%	250,000			250,000
Senior notes due fiscal 2028 ⁽³⁾	3.79	%	150,000			150,000
Term loan due fiscal 2022 ⁽⁴⁾	3.73	%	87,091			276,633
Less: Deferred debt issuance costs			(2,775		)	(3,005		)
Total debt			749,316			998,628
Less: Current maturities of long-term debt			(23,975		)	(76,598		)
Long-term debt			$	725,341		$	922,030


⁽¹⁾	Issued in December 2011.


⁽²⁾	Issued in March 2015.


⁽³⁾	Issued in March 2018.


⁽⁴⁾	Issued in June 2015, amended in January 2017. Interest rate is LIBOR plus 1.25% as of April 27, 2019.

Future principal payments due, based on stated contractual maturities for our long-term debt, are as follows as of April 27, 2019:



Fiscal Year
2020	$	23,975
2021	29,508
2022	198,608
2023	—
2024	100,000
Thereafter	400,000
Total	$	752,091

In fiscal 2017, we entered into an amended credit agreement ("Amended Credit Agreement"), consisting of a $295,075 term loan and a $750,000 revolving line of credit. In March 2019, we permanently reduced the capacity under the revolving line of credit to $500,000. 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 27, 2019, $87,091 of the Amended Credit Agreement unsecured term loan was outstanding at an interest rate of 3.73%, and no amount was outstanding under the Amended Credit Agreement revolving line of credit. At April 28, 2018, $276,633 was outstanding under the Amended Credit Agreement unsecured term loan 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%.

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 compliance with the covenants under our debt agreements as of April 27, 2019.