Debt

12 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

Our long-term debt consisted of the following:

			Carrying Value
	Interest Rate		April 30, 2022		April 24, 2021
Senior notes due fiscal 2022 (1)	3.59	%	$	—	$	100,750
Senior notes due fiscal 2024 (1)	3.74	%	33,000		33,000
Senior notes due fiscal 2025 (2)	3.48	%	117,500		117,500
Senior notes due fiscal 2028 (3)	3.79	%	40,000		40,000
Term loan due fiscal 2024 (4)	1.89	%	300,000		300,000
Less: Deferred debt issuance costs			(1,946)		(2,955)
Total debt			488,554		588,295
Less: Current maturities of long-term debt			—		(100,750)
Long-term debt			$	488,554	$	487,545

(1)Issued in December 2011.

(2)Issued in March 2015.

(3)Issued in March 2018.

(4)Issued in December 2019, amended in February 2021. Interest rate is 1-month LIBOR plus 1.13% as of April 30, 2022.

Future principal payments due, based on stated contractual maturities for our long-term debt, were as follows as of April 30, 2022:

Fiscal Year
2023	$	—
2024	333,000
2025	117,500
2026	—
2027	—
Thereafter	40,000
Total	$	490,500

In fiscal 2021, we entered into an amendment, restatement and consolidation of certain credit agreements with various lenders, including MUFG Bank, Ltd, as administrative agent. This amended and restated credit agreement (the “Credit Agreement”), dated February 16, 2021, consists of a $700,000 revolving credit facility and a $300,000 term loan facility, and will mature no later than February 2024. We used the facilities to refinance and consolidate certain credit agreements in existence prior to the Credit Agreement being executed, pay the fees and expenses incurred therewith, and finance our ongoing working capital and other general corporate purposes.

As of April 30, 2022, $300,000 was outstanding under the Credit Agreement term loan at an interest rate of 1.89% and $29,000 was outstanding under the Credit Agreement revolving credit facility at an interest rate of 1.54%.

In fiscal 2020, we repaid certain indebtedness totaling $373,750, and as a result, we recorded a pre-tax non-cash charge of $8,984 in fiscal 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 30, 2022.