DEBT AND CREDIT AGREEMENT

6 Months Ended

Oct. 29, 2016

Debt Disclosure [Abstract]

DEBT AND CREDIT AGREEMENT

DEBT AND CREDIT AGREEMENT

During the period ended October 29, 2016, we were party to an Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain other financial institutions. On November 18, 2016, the Company replaced the Amended and Restated Credit Agreement with a new Credit Agreement. See Note 11 for more information. At October 29, 2016, the interest rate on the credit facility was 1.5% plus LIBOR and we were in compliance with the covenants of the agreement. During the first six months of fiscal 2017, we had no borrowings and payments of $8.6 million, which includes interest of $0.6 million, under this credit facility. As of October 29, 2016, there were outstanding balances against the credit facility of $49.0 million.  We believe the fair value approximates the carrying amount as of October 29, 2016.