Debt

12 Months Ended

Apr. 25, 2020

Our long-term debt consisted of the following:


			Carrying Value
	Interest Rate		April 25, 2020		April 27, 2019
Senior notes due fiscal 2022 ⁽¹⁾	3.59	%	100,750		165,000
Senior notes due fiscal 2024 ⁽¹⁾	3.74	%	33,000		100,000
Senior notes due fiscal 2025 ⁽²⁾	3.48	%	117,500		250,000
Senior notes due fiscal 2028 ⁽³⁾	3.79	%	40,000		150,000
Term loan due fiscal 2022 ⁽⁴⁾	3.73	%	—		87,091
Term loan due fiscal 2023 ⁽⁵⁾	1.87	%	300,000		—
Less: Deferred debt issuance costs			(3,484)		(2,775)
Total debt			587,766		749,316
Less: Current maturities of long-term debt			—		(23,975)
Long-term debt			$	587,766	$	725,341

⁽¹⁾Issued in December 2011.

⁽²⁾Issued in March 2015.

⁽³⁾Issued in March 2018.

⁽⁴⁾Issued in June 2015, amended in January 2017.

(5)Issued in December 2019. Interest rate is 1-month LIBOR plus 1.25% as of April 25, 2020.

Future principal payments due, based on stated contractual maturities for our long-term debt, are as follows as of April 25, 2020:


Fiscal Year
2021	$	—
2022	100,750
2023	300,000
2024	33,000
2025	117,500
Thereafter	40,000
Total	$	591,250

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. During the quarter ended October 26, 2019, we repaid the remaining $81,558 outstanding under the unsecured term loan. As of April 25, 2020, no amount was outstanding under the Amended Credit Agreement unsecured term loan or revolving line of credit. At April 27, 2019, $87,091 was outstanding under the Amended Credit Agreement unsecured term loan at an interest rate of 3.73%, and no amount was outstanding under the Amended Credit Agreement revolving line of credit. The term loan and revolving line of credit mature no later than January 2022.

In May 2020, we requested draws on our Amended Credit Agreement revolving line of credit, resulting in a total of $450,000 outstanding under the revolving credit facility, representing 90% of the full amount available. The Company elected to drawdown the revolving line of credit to increase its cash position and provide financial flexibility in light of current economic conditions and uncertainties arising in connection with the COVID-19 pandemic. The proceeds are being used for working capital and other general corporate purposes.

In December 2019, we entered into a senior unsecured term loan facility agreement (the “Term Facility Agreement”), consisting of a $300,000 term loan. Interest on borrowings is variable and is determined as a base rate plus a spread. This spread is based on our leverage ratio, as defined in the Term Facility Agreement. The proceeds were used to repay certain existing indebtedness, pay fees and expenses incurred in connection with the Term Facility Agreement, and finance our ongoing working capital and other general corporate purposes. The Term Facility will mature no later than December 20, 2022. As of April 25, 2020, $300,000 was outstanding under the Term Facility at an interest rate of 1.87%.

During the three months ended January 25, 2020, we repaid certain indebtedness totaling $373,750. The changes to the senior notes due between fiscal 2022 and fiscal 2028 shown in the table above reflect the aggregate $373,750 repaid. As a result, we recorded a pre-tax non-cash charge of $8,984 during the three months ended January 25, 2020. This charge relates to the January 2014 forward interest rate swap agreement and accelerated amortization of debt issuance costs.

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 25, 2020.