Debt and Financing Arrangements

6 Months Ended

Oct. 31, 2020

The following table summarizes the components of our long-term debt.


	October 31, 2020				April 30, 2020
	Principal Outstanding		Carrying Amount (A)		Principal Outstanding		Carrying Amount (A)
3.50% Senior Notes due October 15, 2021	$	750.0	$	757.4	$	750.0	$	761.1
3.00% Senior Notes due March 15, 2022	400.0		399.1		400.0		398.7
3.50% Senior Notes due March 15, 2025	1,000.0		996.4		1,000.0		996.0
3.38% Senior Notes due December 15, 2027	500.0		496.9		500.0		496.7
2.38% Senior Notes due March 15, 2030	500.0		495.5		500.0		495.2
4.25% Senior Notes due March 15, 2035	650.0		644.1		650.0		643.9
4.38% Senior Notes due March 15, 2045	600.0		586.8		600.0		586.5
3.55% Senior Notes due March 15, 2050	300.0		295.7		300.0		295.7
Term Loan Credit Agreement due May 14, 2021	200.0		199.9		700.0		699.5
Total long-term debt	$	4,900.0	$	4,871.8	$	5,400.0	$	5,373.3
Current portion of long-term debt	950.0		957.3		—		—
Total long-term debt, less current portion	$	3,950.0	$	3,914.5	$	5,400.0	$	5,373.3

(A) Represents the carrying amount included in the Condensed Consolidated Balance Sheets, which includes the impact of capitalized debt issuance costs, offering discounts, and terminated interest rate contracts.

In April 2018, we entered into a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) with a syndicate of banks and an available commitment amount of $1.5 billion. The full amount of the Term Loan was drawn on May 14, 2018, to partially finance the Ainsworth acquisition. Borrowings under the Term Loan bear interest on the prevailing U.S. Prime Rate or London Interbank Offered Rate (“LIBOR”), based on our election, and are payable either on a quarterly basis or at the end of the borrowing term. The Term Loan does not require scheduled amortization payments. Voluntary prepayments are permitted without premium or penalty. As of October 31, 2020, we have prepaid $1.3 billion on the Term Loan to date, including $500.0 during the first half of 2021, of which $200.0 was paid during the second quarter. The interest rate on the Term Loan at October 31, 2020, was 0.95 percent.

We have available a $1.8 billion unsecured revolving credit facility with a group of 11 banks that matures in September 2022. Borrowings under the revolving credit facility bear interest on the prevailing U.S. Prime Rate, LIBOR, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. We did not have a balance outstanding under the revolving credit facility at October 31, 2020, or April 30, 2020.

We participate in a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $1.8 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper will be used as a continuing source of short-term financing for general corporate purposes. As of October 31, 2020, and April 30, 2020, we had $280.0 and $248.0 of short-term borrowings outstanding, respectively, which were issued under our commercial paper program at weighted-average interest rates of 0.17 percent and 0.40 percent, respectively.

Interest paid totaled $76.2 and $78.4 for the three months ended October 31, 2020 and 2019, respectively, and $86.4 and $100.0, for the six months ended October 31, 2020 and 2019, respectively. This differs from interest expense due to the amortization of debt issuance costs and discounts, effect of interest rate contracts, capitalized interest, payment of other debt fees, and the timing of interest payments.

Our debt instruments contain certain financial covenant restrictions, including a leverage ratio and an interest coverage ratio. We are in compliance with all covenants.