Long-Term Debt

12 Months Ended

Apr. 30, 2021

NOTE 7: LONG-TERM DEBT

The components of long-term debt are as follows:


(in 000s)
As of April 30,	2021		2020
Senior Notes, 4.125%, due October 2020 (1)	$	—	$	650,000
Senior Notes, 5.500%, due November 2022 (1)	500,000		500,000
Senior Notes, 5.250%, due October 2025 (1)	350,000		350,000
Senior Notes, 3.875%, due August 2030 (1)	650,000		—
Committed line of credit borrowings	—		2,000,000
Debt issuance costs and discounts	(9,961)		(4,743)
Total long-term debt	1,490,039		3,495,257
Less: Current portion	—		(649,384)
Long-term portion	$	1,490,039	$	2,845,873

Estimated fair value of long-term debt	$	1,609,000	$	3,526,000

(1) The 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 interest rates on our Senior Notes are subject to adjustment based upon our credit ratings.

On August 7, 2020, we issued $650.0 million of 3.875% Senior Notes due August 15, 2030 (2030 Senior Notes). The proceeds of the 2030 Senior Notes were used to repay the $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 April 30, 2021.

In September 2020, we utilized our cash on hand to repay the outstanding $2.0 billion CLOC. We had no outstanding balance under our CLOC as of April 30, 2021 and amounts available to borrow were limited by the debt-to-EBITDA covenant to approximately $1.7 billion as of April 30, 2021.

See n ote 13 for discussion regarding an amendment to our CLOC effective June 11, 2021.

OTHER INFORMATION – The aggregate payments required to retire long-term debt are $500.0 million in fiscal year 2023, $350.0 million in fiscal year 2026 and $650.0 million in fiscal year 2031.