Subsequent Event (Notes)

9 Months Ended

Jan. 26, 2019

Subsequent Event [Abstract]

Subsequent Events [Text Block]

Note 15. Subsequent Event

On March 1, 2019, we entered an agreement to amend and extend the existing Credit Facility for a five year-term from the date of the amendment. Under the terms of the agreement, we will continue to have an asset-backed revolving credit facility in an aggregate committed principal amount of $400,000, as well as the $100,000 incremental first in, last out seasonal loan facility.

Under the amendment, we are required to borrow 100% of the aggregate commitments under the FILO Facility on April 1 of each year, and the loans must be repaid in full (including interest and fees) on July 31 of each year. The commitments under the FILO Facility will decrease from $100,000 to $75,000 on August 1, 2019, from $75,000 to $50,000 on August 1, 2020 and from $50,000 to $25,000 on August 1, 2021. We will pay a commitment fee of 0.375% on the daily unused portion of the FILO Facility. Loans under the FILO Facility will bear interest at a rate equal to the LIBOR rate, plus 2.75%. The FILO Facility will be available solely during the draw period each year, from April 1 through July 31.

For additional information, see the Form 8-K dated March 1, 2019, filed with the SEC on March 5, 2019.