Long-Term Debt and Capital Leases (Tables)

12 Months Ended

Apr. 30, 2013

Components of Long Term Debt and Capital Leases

Long-term debt and capital leases as of April 30, 2013 and 2012 consist of the following:


	April 30,
	2013		2012
Senior subordinated notes due February 15, 2019, bearing interest at 7.75%, interest payable semiannually, unsecured and unconditionally guaranteed (including unamortized discount of $1,735 and $0)	$	323,265	$	200,000

Senior secured revolving credit facility, which provides for advances or letters of credit of up to $227,500, due March 18, 2016, bearing interest at LIBOR plus 3.75%, (approximately 3.95% at April 30, 2013 based on one month LIBOR), secured by substantially all of our assets		123,200		69,600

Senior second lien notes, due July 15, 2014 and redeemed on November 8, 2012, bearing interest at 11.00%, interest payable semiannually, secured by second priority lien on substantially all of our assets (including unamortized discount of $0 and $2,572)		-		177,428

Finance authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-2 due January 1, 2025, dated February 1, 2012, bearing interest at 6.25% through January 31, 2017, unsecured and guaranteed by our significant wholly-owned subsidiaires		21,400		21,400

Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 due April 1, 2036, dated March 1, 2013, bearing interest at 4.75% through April 4, 2019, unsecured and guaranteed by our significant wholly-owned subsidiaires		16,000		-

Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 due April 1, 2029, dated March 1, 2013, bearing interest at BMA Index (approximately 0.28% at April 30, 2013) enhanced by an irrevocable, transferable direct-pay letter of credit (3.875% at April 30, 2013)		5,500		-

Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-1 due January 1, 2025, dated December 1, 2005, bearing interest at BMA Index (approximately 0.28% at April 30, 2013) enhanced by an irrevocable, transferable direct-pay letter of credit (3.875% at April 30, 2013)		3,600		3,600

Notes payable in connection with businesses acquired, bearing interest at rates of 2.49% - 6.50%, due in monthly or annual installments varying to $575, maturing May 2013 through April 2017		1,228		2,033
Capital leases for facilities and equipment, bearing interest rates of up to 4.72%, due in monthly or annual installments varying to $78, expiring through January 2015		195		548

		494,388		474,609
Less—current maturities		857		1,228

	$	493,531	$	473,381

Components of Interest Expense

The components of interest expense for the fiscal years ended April 30, 2013, 2012 and 2011 are as follows:


	Fiscal Year Ended April 30,
	2013			2012			2011
Interest expense on debt, capital lease and financing lease obligations	$	36,955		$	40,156		$	42,021
Amortization of debt financing costs		3,325			3,307			3,424
Amortization of debt discounts		626			964			801
Amortization of debt premium		-			-			(611	)
Letter of credit fees		1,032			988			986
Less: capitalized interest		(368	)		(407	)		(1,078	)

Total interest expense	$	41,570		$	45,008		$	45,543

Schedule of Future Maturities of Debt

As of April 30, 2013, debt and capital leases mature as follows:


2014	$	857
2015		328
2016		123,410
2017		28
2018		-
Thereafter (1)		369,765

	$	494,388

(1)	Includes unamortized discount of $1,735 on 2019 Notes.