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Debt and Available Credit Facilities
 6 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Debt and Available Credit Facilities Debt and Available Credit Facilities
Our total debt outstanding consisted of the amounts set forth in the following table:
October 31, 2024April 30, 2024
Short-term portion of long-term debt (1)
$10,000 $7,500 
Term loan A - Amended and Restated CA (2)
179,499 184,418 
Revolving credit facility - Amended and Restated CA771,511 582,678 
Total long-term debt, less current portion951,010 767,096 
Total debt$961,010 $774,596 
(1)
Relates to our term loan A under the Amended and Restated CA.
(2)
Amounts are shown net of unamortized issuance costs of $0.5 million as of October 31, 2024 and $0.6 million as of April 30, 2024.
Amended and Restated CA

On November 30, 2022, we entered into the second amendment to the Third Amended and Restated Credit Agreement (collectively, the Amended and Restated CA). The Amended and Restated CA provided for senior unsecured credit facilities comprised of (i) a five-year revolving credit facility in an aggregate principal amount up to $1.115 billion, which matures November 2027, (ii) a five-year term loan A facility consisting of $200 million, which matures November 2027, and (iii) $185 million aggregate principal amount revolving credit facility which matured in May 2024.

Under the terms of the Amended and Restated CA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates depending on the currency borrowed: (i) at a rate based on the US Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average Rate (SONIA) or a EURIBOR-based rate, each rate plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated net leverage ratio, as defined, or (ii) at the lender’s base rate plus an applicable margin ranging from zero to 0.50%, depending on our consolidated net leverage ratio. With respect to SOFR loans, there is a SOFR adjustment of between 0.10% and 0.25% depending on the duration of the loan. The lender’s base rate is defined as the highest of (i) the US federal funds effective rate plus a 0.50% margin, (ii) the Daily SOFR rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee for the Amended and Restated CA ranging from 0.15% to 0.25% depending on our consolidated net leverage ratio. We also have the option to request an increase in the revolving credit facility by an amount not to exceed $500 million, in minimum increments of $50 million, subject to the approval of the lenders.

The Amended and Restated CA contains certain customary affirmative and negative covenants, including a financial covenant in the form of a consolidated net leverage ratio and consolidated interest coverage ratio, which we were in compliance with as of October 31, 2024.

The amortization expense of the costs incurred related to the Amended and Restated CA related to the lender and non-lender fees is recognized over a five-year term for credit commitments that mature in November 2027 and an 18-month term for credit commitments that matured in May 2024. Total amortization expense included in Interest expense on our Unaudited Condensed Consolidated Statements of Net Income (Loss) is as follows:

Three Months Ended
October 31, 		Six Months Ended
October 31,
2024202320242023
Amortization expense
$284 $310 $577 $620 

Lines of Credit

We have other lines of credit aggregating $1.0 million at various interest rates. There were no outstanding borrowings under these credit lines at October 31, 2024 and April 30, 2024.

As of October 31, 2024, our total available lines of credit including the Amended and Restated RCA were approximately $1,305.8 million, of which approximately $344.3 million was unused. We had letters of credit of $0.2 million outstanding under the Amended and Restated CA, and the aggregate stated amount outstanding of these letter of credits reduces the total borrowing base available under the Amended and Restated CA.

The weighted average interest rates on total debt outstanding during the three and six months ended October 31, 2024 were 6.09% and 6.11%, respectively. The weighted average interest rates on total debt outstanding during the three and six months ended October 31, 2023 were 5.61% and 5.45%, respectively. As of October 31, 2024 and April 30, 2024, the weighted average interest rates for total debt were 6.03% and 6.07%, respectively.

Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value.