LONG-TERM DEBT

6 Months Ended

Oct. 31, 2020

NOTE 6: LONG-TERM DEBT

The components of long-term debt are as follows:


					(in 000s)
As of	October 31, 2020		October 31, 2019		April 30, 2020
Senior Notes, 4.125%, due October 2020	$	—	$	650,000	$	650,000
Senior Notes, 5.500%, due November 2022	500,000		500,000		500,000
Senior Notes, 5.250%, due October 2025	350,000		350,000		350,000
Senior Notes, 3.875%, due August 2030	650,000		—		—
Committed line of credit borrowings	70,000		135,000		2,000,000

Debt issuance costs and discounts	(10,907)		(6,050)		(4,743)
	1,559,093		1,628,950		3,495,257
Less: Current portion	—		(648,651)		(649,384)
	$	1,559,093	$	980,299	$	2,845,873

On August 7, 2020, we issued $650.0 million of 3.875% Senior Notes due August 15, 2030 (2030 Senior Notes). The 2030 Senior Notes are not redeemable by the bondholders prior to maturity, although we have the right to redeem some or all of these notes at any time, at specified redemption prices. The proceeds of the 2030 Senior Notes were used to repay $650 million Senior Notes that matured on October 1, 2020.

UNSECURED COMMITTED LINE OF CREDIT – Our unsecured committed line of credit (CLOC) provides for an unsecured senior revolving credit facility in the aggregate principal amount of $2.0 billion, which includes a $200.0 million sublimit for swingline loans and a $50.0 million sublimit for standby letters of credit. We may request increases in the aggregate principal amount of the revolving credit facility of up to $500.0 million, subject to obtaining commitments from lenders and meeting certain other conditions. The CLOC will mature on September 21, 2023, unless extended pursuant to the terms of the CLOC, at which time all outstanding amounts thereunder will be due and payable. Our CLOC includes an annual facility fee, which will vary depending on our then current credit ratings.

The CLOC is subject to various conditions, triggers, events or occurrences that could result in earlier termination and contains customary representations, warranties, covenants and events of default, including, without limitation: (1) a covenant requiring the Company to maintain a debt-to-EBITDA ratio calculated on a consolidated basis of no greater than (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on April 30, July 31, and October 31 of each year and (b) 4.50 to 1.00 as of the last day of each fiscal quarter ending on January 31 of each year; (2) a covenant requiring us to maintain an interest coverage ratio (EBITDA-to-interest expense) calculated on a consolidated basis of not less than 2.50 to 1.00 as of the last date of any fiscal quarter; and (3) covenants restricting our ability to incur certain additional debt, incur liens, merge or consolidate with other companies, sell or dispose of assets (including equity interests), liquidate or dissolve, engage in certain transactions with affiliates or enter into certain restrictive agreements. The CLOC includes provisions for an equity cure which could potentially allow us to independently cure certain defaults. Proceeds under the CLOC may be used for working capital needs or for other general corporate purposes. We were in compliance with these requirements as of October 31, 2020.

In September 2020, we utilized our cash on hand to repay the outstanding $2.0 billion balance on our CLOC. In October 2020, we began drawing on our CLOC in order to meet our seasonal liquidity needs. We had an outstanding balance of $70.0 million under the CLOC as of October 31, 2020, and amounts available to borrow were limited by the debt-to-EBITDA covenant to approximately $1.0 billion as of October 31, 2020.

The estimated fair value of our long-term debt, including the current portion of long-term debt, as of October 31, 2020 and 2019 and April 30, 2020 totaled $1.7 billion, $1.7 billion and $3.5 billion, respectively.