XML 64 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Long-Term Debt
9 Months Ended
Jul. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt

15.

Long-term debt

A summary of long-term debt is as follows:

 

 

 

July 31, 2019

 

 

October 31, 2018

 

Revolving credit agreement, due 2024

 

$

 

 

$

52,200

 

Senior notes, due 2020-2025

 

 

140,800

 

 

 

156,700

 

Senior notes, due 2020-2027

 

 

92,857

 

 

 

100,000

 

Senior notes, due 2023-2030

 

 

350,000

 

 

 

350,000

 

Term loan, due 2020-2024

 

 

605,000

 

 

 

605,000

 

Euro loan, due 2021

 

 

127,396

 

 

 

16,967

 

Private shelf facility, due 2020

 

 

36,111

 

 

 

36,111

 

Development loans, due 2019-2026

 

 

985

 

 

 

1,086

 

 

 

 

1,353,149

 

 

 

1,318,064

 

Less current maturities

 

 

168,734

 

 

 

28,734

 

Less unamortized debt issuance costs

 

 

4,543

 

 

 

3,973

 

Long-term maturities

 

$

1,179,872

 

 

$

1,285,357

 

 

In April 2019, we amended, restated and extended the term of our existing $605,000 term loan facility with a group of banks. The Term Loan Agreement provides for the following term loans in three tranches: $100,000 due in March 2020, $200,000 due in September 2022, and $305,000 due in March 2024.   The weighted average interest rate for borrowings under this agreement was 2.98% at July 31, 2019. We were in compliance with all covenants at July 31, 2019.

In April 2019, we entered into a $850,000 unsecured, multicurrency credit facility with a group of banks, which amended, restated and extended our existing syndicated revolving credit agreement that was scheduled to expire in February 2020. This facility has a five-year term and includes a $75,000 subfacility for swing-line loans.  It expires in April 2024. At July 31, 2019, we had no balances outstanding under this facility, compared to $52,200 outstanding at October 31, 2018. We were in compliance with all covenants at July 31, 2019, and the amount we could borrow under the facility would not have been limited by any debt covenants.

In October 2018, we entered into a €150,000 agreement with Bank of America Merrill Lynch International Limited.  The interest rate is variable based on the EUR LIBOR rate.  The weighted average interest rate at July 31, 2019 was 1.00%.  At July 31, 2019, the balance outstanding was €115,000 ($127,396).  We were in compliance with all covenants at July 31, 2019.

In June 2018, we entered into a Note Purchase Agreement with a group of insurance companies under which we sold $350,000 of Senior Notes to the insurance companies and their affiliates. The notes start to mature in June 2023 and mature through June 2030 and bear interest at fixed rates between 3.71% and 4.17%.   We used the proceeds from the sale of the notes to repay approximately $315,000 of the outstanding balance under our existing syndicated revolving credit facility at that time, and the remainder for general corporate purposes.  We were in compliance with all covenants at July 31, 2019.

We entered into a $150,000 three-year Note Purchase and Private Shelf agreement with New York Life Investment Management LLC in 2011.  In 2015, the amount of the facility was increased to $180,000, and in 2016 it was increased to $200,000. Notes issued under the agreement may have a maturity of up to 12 years, with an average life of up to 10 years, and are unsecured. At July 31, 2019 and October 31, 2018, there was $36,111 outstanding under this facility. Existing notes mature between January 2020 and September 2020.  The interest rate on each borrowing is fixed based on the market rate at the borrowing date or is variable based upon the LIBOR rate.  At July 31, 2019, the amount outstanding under this facility bears interest at fixed rates between 2.21% and 2.56%.  This agreement contains customary events of default and covenants related to limitations on indebtedness and the maintenance of certain financial ratios.  We were in compliance with all covenants at July 31, 2019, and the amount we could borrow would not have been limited by any debt covenants. 

In 2012, we entered into a Note Purchase Agreement with a group of insurance companies under which we sold $200,000 of Senior Notes.  At July 31, 2019 and October 31, 2018, $140,800 and $156,700, respectively, was outstanding under this agreement. Existing notes mature between July 2020 and July 2025 and bear interest at fixed rates between 2.62% and 3.13%.  We were in compliance with all covenants at July 31, 2019.

In July 2015, we entered into a Note Purchase Agreement under which $100,000 of Senior Unsecured Notes were purchased primarily by a group of insurance companies. At July 31, 2019 and October 31, 2018, $92,857 and $100,000, respectively, was outstanding under this agreement. Existing notes mature between July 2020 and July 2027 and bear interest at fixed rates of 2.89% and 3.19%.  We were in compliance with all covenants at July 31, 2019.