Debt

12 Months Ended

Apr. 27, 2024

Debt Disclosure [Abstract]

Debt

Debt

Our long-term debt consisted of the following:

			Carrying Value
	Interest Rate		April 27, 2024		April 29, 2023
Senior notes due fiscal 2024 (1)	3.74	%	—		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 2025 through 2028 (4)	6.54	%	295,500		298,500
Less: Deferred debt issuance costs			(1,339)		(1,769)
Total debt			451,661		487,231
Less: Current maturities of long-term debt			(122,750)		(36,000)
Long-term debt			$	328,911	$	451,231

(1)Issued in December 2011.

(2)Issued in March 2015.

(3)Issued in March 2018.

(4)Issued in December 2019, amended in October 2022. Interest rate is 1-month SOFR plus 1.225% as of April 27, 2024.

Future principal payments due, based on stated contractual maturities for our long-term debt, were as follows as of April 27, 2024:

Fiscal Year
2025	$	122,750
2026	11,250
2027	15,000
2028	304,000
2029	—
Thereafter	—
Total	$	453,000

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”) consisted of a $700,000 revolving credit facility and a $300,000 term loan facility, and was set to mature no later than February 2024.

In fiscal 2023, we amended and restated the Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement consists of a $700,000 revolving credit facility and a $300,000 term loan facility, and will mature no later than October 2027. We used the Amended Credit Agreement facilities to refinance and consolidate the Credit Agreement, and pay the fees and expenses incurred therewith. We expect to use the Amended Credit Agreement to finance our ongoing working capital needs and for other general corporate purposes.

As of April 27, 2024, $295,500 was outstanding under the Amended Credit Agreement term loan at an interest rate of 6.54% and $186,000 was outstanding under the Amended Credit Agreement revolving credit facility at an interest rate of 6.53%. As of April 29, 2023, $298,500 was outstanding under the Credit Agreement term loan at an interest rate of 6.08%, and $45,000 was outstanding under the Credit Agreement revolving credit facility at an interest rate of 5.93%.

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, 2024.