XML 30 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Debt
12 Months Ended
May 01, 2021
Debt Disclosure [Abstract]  
Debt

Note 10. Debt

A summary of debt is shown below:

(in millions)

 

May 1,

2021

 

 

May 2,

2020

 

Revolving credit facility

 

$

9.9

 

 

$

108.5

 

Term loan

 

 

218.7

 

 

 

231.2

 

Other debt

 

 

13.0

 

 

 

14.6

 

Unamortized debt issuance costs

 

 

(1.5

)

 

 

(2.2

)

Total debt

 

 

240.1

 

 

 

352.1

 

Less: current maturities

 

 

(14.9

)

 

 

(15.3

)

Total long-term debt

 

$

225.2

 

 

$

336.8

 

Revolving credit facility/term loan

In September 2018, the Company entered into five-year Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million. In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million, subject to customary conditions and approval of the lenders providing new commitments. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ($3.1 million) through maturity, with the remaining balance due on September 12, 2023.

On March 23, 2020, the Company borrowed $100.0 million under its Revolving Credit Facility as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the uncertainty in the global markets resulting from the COVID-19 pandemic. This amount was repaid in the third quarter of fiscal 2021. As of May 1, 2021, the Company has $190.1 million of availability under the Revolving Credit Facility.

Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The weighted-average interest rate on outstanding borrowings under the Credit Agreement was approximately 1.4% as of May 1, 2021. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of May 1, 2021, the Company was in compliance with all the covenants in the Credit Agreement. The fair value of borrowings under the Credit Agreement approximates book value because the interest rate is variable.

Other debt

One of the Company’s European subsidiaries has debt that consists of 12 notes with maturities ranging from 2021 to 2031. The weighted-average interest rate was approximately 1.5% as of May 1, 2021 and $2.4 million of the debt was classified as short-term. The fair value of other debt was $13.1 million at May 1, 2021 and was based on Level 2 inputs on a non-recurring basis.

Scheduled maturities

As of May 1, 2021, scheduled principal payments of debt are as follows:

(in millions)

 

 

 

 

Fiscal Year:

 

 

 

 

2022

 

$

14.9

 

2023

 

 

13.9

 

2024

 

 

209.3

 

2025

 

 

0.5

 

2026

 

 

0.5

 

Thereafter

 

 

2.5

 

Total

 

$

241.6