XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Credit Facility (Notes)
6 Months Ended
Oct. 28, 2017
Credit Facility
Note 8. Credit Facility
On August 3, 2015, we and certain of our subsidiaries, entered into a credit agreement (the “Credit Agreement”) under which the lenders committed to provide a five-year asset-backed revolving credit facility in an aggregate committed principal amount of $400,000 (the “Credit Facility”). The Company has the option to request an increase in commitments under the Credit Facility of up to $100,000 subject to certain restrictions.
On February 27, 2017, in connection with the acquisition of MBS, we amended the Credit Agreement with our current lenders to add a new $100,000 incremental first in, last out seasonal loan facility (the “FILO Facility”) increasing the maximum availability under the Credit Agreement to $500,000.
For additional information including interest terms and covenant requirements related to the Credit Facility, refer to Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity in our Annual Report on Form 10-K for the year ended April 29, 2017.
During the 26 weeks ended October 28, 2017, we borrowed $225,400 and repaid $343,200 under the Credit Agreement, for a net total of $41,800 of outstanding borrowings as of October 28, 2017, comprised of outstanding borrowings of $41,800 and $0 under the Credit Facility and FILO Facility, respectively. As of October 28, 2017, we have issued $4,759 in letters of credit under the Credit Facility.