Debt and Financing Arrangements

3 Months Ended

Jul. 31, 2013

Debt and Financing Arrangements [Abstract]

Debt and Financing Arrangements

Note 6: Debt and Financing Arrangements

Long-term debt consists of the following:

	July 31, 2013		April 30, 2013
4.78% Senior Notes due June 1, 2014	$	100.0	$	100.0
6.12% Senior Notes due November 1, 2015		24.0		24.0
6.63% Senior Notes due November 1, 2018		394.3		395.0
3.50% Senior Notes due October 15, 2021		748.8		748.8
5.55% Senior Notes due April 1, 2022		350.0		350.0
4.50% Senior Notes due June 1, 2025		400.0		400.0
Total long-term debt	$	2,017.1	$	2,017.8
Current portion of long-term debt		150.0		50.0
Total long-term debt, less current portion	$	1,867.1	$	1,967.8

The 3.50 percent Senior Notes were issued in a public offering and the remaining Senior Notes were privately placed. The Senior Notes are unsecured and interest is paid semiannually. Scheduled payments are required on the 5.55 percent Senior Notes, of which $50.0 is due on April 1, 2014, and on the 4.50 percent Senior Notes, the first of which is $100.0 due on June 1, 2020. The $100.0 balance of the 4.78 percent Senior Notes is due on June 1, 2014. We may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with accrued and unpaid interest, and any applicable make-whole amount. Interest paid totaled $22.4 and $22.2 as of the three months ended July 31, 2013 and 2012, respectively.

We have a $1.0 billion revolving credit facility available with a group of nine banks that matures in July 2016. Our borrowings under the credit facility bear interest based on the prevailing U.S. Prime Rate, Canadian Base Rate, London Interbank Offered Rate, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. At July 31, 2013, we had a balance outstanding under the revolving credit facility of $85.0 at a weighted-average interest rate of 1.47 percent.

Our debt instruments contain certain financial covenant restrictions including consolidated net worth, a leverage ratio, and an interest coverage ratio. We are in compliance with all covenants.