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Long-term Debt and Fair Value Disclosure
3 Months Ended
Jul. 31, 2019
Long-Term Debt and Fair Value Disclosure [Abstract]  
Long-term Debt and Fair Value Disclosure
Long-Term Debt and Fair Value Disclosure
The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $1,323,000 and $1,272,000 at July 31, 2019 and April 30, 2019, respectively.
The Company has a credit agreement that provides for a $300 million unsecured revolving credit facility which includes a $30 million sublimit for letters of credit and a $30 million sublimit for swingline loans (the "Credit Facility"). The maturity date is January 11, 2024. Amounts borrowed under the Credit Facility bear interest at variable rates based upon, at the Company's option, either (a) LIBOR plus an applicable margin or (b) an alternate base rate. The Credit
Facility also carries a facility fee between 0.2% and 0.4% per annum based on the Company's consolidated leverage ratio as defined in the credit agreement. The Company had $50,000 outstanding at July 31, 2019 and $75,000 outstanding at April 30, 2019 . The Company also has an unsecured revolving line of credit of $25,000, under which there was $0 outstanding at July 31, 2019 and April 30, 2019.