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NOTES PAYABLE AND LONG-TERM DEBT
6 Months Ended
Sep. 28, 2019
Debt Disclosure [Abstract]  
NOTES PAYABLE AND LONG-TERM DEBT
12. NOTES PAYABLE AND LONG-TERM DEBT

On June 15, 2018, the Company entered into a credit agreement with certain lenders which provided for a $350.0 million term loan (the "Term Loan") and a $350.0 million revolving loan (the "Revolving Credit Facility" and together with the Term Loan, the "Credit Facilities"). The Credit Facilities expire on June 15, 2023. Interest on the Credit Facilities is established using LIBOR plus 1.13% - 1.75%, depending on the Company's leverage ratio. Under the Credit Facilities, the Company is required to maintain certain leverage and interest coverage ratios specified in the credit agreement as well as other customary non-financial affirmative and negative covenants. At September 28, 2019, $332.5 million was outstanding under the Term Loan with an effective interest rate of 3.4% and $40.0 million was outstanding on the Revolving Credit Facility. The Company also has $25.7 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 28, 2019.

The Company has required scheduled principal payments of $8.8 million during fiscal 2020, $21.9 million during fiscal 2021, $17.5 million during fiscal 2022, $214.4 million during fiscal 2023 and $70.0 million thereafter.

The Company was in compliance with the leverage and interest coverage ratios specified in the Credit Facilities as well as all other bank covenants as of September 28, 2019.