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Long-Term Debt
3 Months Ended
Jul. 31, 2013
Long-Term Debt

9. Long-Term Debt

As of July 31, 2013 and April 30, 2013, the Company had no borrowings under its long-term debt arrangements. At July 31, 2013 and April 30, 2013, there was $2.7 million of standby letters of credit issued under its long-term debt arrangements. As of April 30, 2013, under its previous long-term debt arrangement, the Company was required to maintain $2.9 million in restricted cash to provide collateral for the standby letters of credit that were outstanding. During the three months ended July 31, 2013, the Company transferred the standby letters of credit from its previous long-term debt arrangement to the current long-term debt arrangement and since there is no restricted cash requirement under the Company’s current arrangement, the Company has no restricted cash balance as of July 31, 2013.