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Loans Payable and Long-Term Debt | 12 Months Ended
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Apr. 30, 2025
Debt Disclosure [Abstract] |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt Maturities of long-term debt are as follows:
| FISCAL YEARS ENDING APRIL 30, |  |  |  |
(in thousands) | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 AND THERE-AFTER |  | TOTAL OUTSTANDING AS OF APRIL 30, 2025 |  | TOTAL OUTSTANDING AS OF APRIL 30, 2024
Term loans | $ | 5,000 |  |  | $ | 7,500 |  |  | $ | 12,500 |  |  | $ | 17,500 |  |  | $ | 155,000 |  |  | $ | — |  |  | $ | 197,500 |  |  | $ | 206,250 |
Revolving credit | — |  |  | — |  |  | — |  |  | — |  |  | 173,407 |  |  | — |  |  | 173,407 |  |  | 163,750 |
Finance lease obligations | 2,659 |  |  | 2,116 |  |  | 901 |  |  | 320 |  |  | 84 |  |  | — |  |  | 6,080 |  |  | 5,684 |
Other long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 430 |
Total | $ | 7,659 |  |  | $ | 9,616 |  |  | $ | 13,401 |  |  | $ | 17,820 |  |  | $ | 328,491 |  |  | $ | — |  |  | $ | 376,987 |  |  | $ | 376,114 |
Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,503) |  |  | $ | (1,631) |
Current maturities |  |  |  |  |  |  |  |  |  |  |  |  | $ | (7,659) |  |  | $ | (2,722) |
Total long-term debt |  |  |  |  |  |  |  |  |  |  |  |  | $ | 365,825 |  |  | $ | 371,761 |
Term Loans and Revolving Credit Facility On October 10, 2024, the Company amended and restated its prior credit agreement. The amended and restated credit agreement (the "A&R Credit Agreement") provides for a $500 million revolving loan facility with a $50 million sub-facility for the issuance of letters of credit (the "Revolving Facility") and a $200 million term loan facility (the "Term Loan Facility"). Also on October 10, 2024, the Company borrowed the entire $200 million under the Term Loan Facility and approximately $173 million under the Revolving Facility to repay in full the approximately $370 million then outstanding under its prior credit agreement, plus accrued and unpaid interest, and to pay related fees and expenses. The Company began repaying the Term Loan Facility in specified quarterly installments on January 31, 2025. The Revolving Facility and Term Loan Facility mature on October 10, 2029. The refinance was treated as a debt modification under ASC 470. Prior to the loan modification, the prior amended and restated credit agreement (the "prior A&R Credit Agreement") provided for a $500 million revolving loan facility with a $50 million sub-facility for the issuance of letters of credit (the "prior Revolving Facility") and a $250 million term loan facility (the "prior Term Loan Facility"). The Company was required to repay the prior Term Loan Facility in specified quarterly installments. The prior Revolving Facility and prior Term Loan Facility would have matured on April 22, 2026. As of April 30, 2025, and 2024, $197.5 million and $206.3 million was outstanding on the Term Loan Facility and the prior facility's term loans, respectively. As of April 30, 2025, and 2024, $173.4 million and $163.8 million was outstanding under the Revolving Facility and the prior revolving facility, respectively. Outstanding letters of credit under the Revolving Facility were $12.4 million as of April 30, 2025, leaving approximately $314.2 million in available capacity under the Revolving Facility as of April 30, 2025. Outstanding letters of credit under the prior revolving facility were $13.3 million, as of April 30, 2024, leaving approximately $322.9 million in available capacity under the prior revolving facility as of April 30, 2024. The outstanding balances noted above approximate fair value as the facilities have a floating interest rate. Amounts outstanding under the Term Loan Facility and the Revolving Facility bear interest based on a fluctuating rate measured by reference to either, at the Company's option, a base rate plus an applicable margin or Secured Overnight Financing Rate ("SOFR") (as defined in the A&R Credit Agreement) plus an applicable margin, with the applicable margin being determined by reference to the Company's then-current Secured Net Leverage Ratio (as defined in the A&R Credit Agreement). The Company also incurs a quarterly commitment fee on the average daily unused portion of the Revolving Facility during the applicable quarter at a rate per annum also determined by reference to the Company's then-current Secured Net Leverage Ratio. In addition, a letter of credit fee accrues on the face amount of any outstanding letters of credit at a per annum rate equal to the applicable margin on Term SOFR loans, payable quarterly in arrears. As of April 30, 2025, the applicable margin with respect to base rate loans and Term SOFR loans was 0.25% and 1.25%, respectively, and the commitment fee was 0.20%. The A&R Credit Agreement includes certain financial covenants that require the Company to maintain (i) a "Consolidated Interest Coverage Ratio" of no less than 2.00 to 1.00 and (ii) a "Total Net Leverage Ratio" of no greater than 4.00 to 1.00, subject, in each case, to certain limited exceptions. The A&R Credit Agreement includes certain additional covenants, including negative covenants that restrict the ability of the Company and certain of its subsidiaries to incur additional indebtedness, create additional liens on its assets, make certain investments, dispose of its assets, or engage in a merger or other similar transaction or engage in transactions with affiliates, subject, in each case, to the various exceptions and conditions described in the A&R Credit Agreement. The negative covenants further restrict the ability of the Company and certain of its subsidiaries to make certain restricted payments, including, in the case of the Company, the payment of dividends and the repurchase of common stock, in certain limited circumstances. As of April 30, 2025, the Company was in compliance with all covenants included in the A&R Credit Agreement. The Company's obligations under the A&R Credit Agreement are guaranteed by the Company's domestic subsidiaries and the obligations of the Company and its domestic subsidiaries under the A&R Credit Agreement and their guarantees, respectively, are secured by a pledge of substantially all of their respective personal property. Financing Lease Obligations The Company has various financing leases with interest rates between 2.9% and 6.9%. These leases require monthly payments and expire by December 31, 2029. The outstanding amounts owed as of April 30, 2025, and 2024, were $6.1 million and $5.6 million, respectively. Other Long-term Debt On March 8, 2022, the Company entered into a $0.4 million loan agreement with the West Virginia Water Development Authority acting on behalf of the West Virginia Infrastructure and Jobs Development Council and the Hardy County Rural Development Authority as part of the Company's capital improvements at the South Branch Primewood facility located in Hardy County, West Virginia. The loan agreement expired on March 8, 2025 and bore no interest rate. The loan agreement was secured by a sole first lien on the real property and fixtures associated with the facility. Based on the employment levels maintained and the terms of the loan agreement, the aggregate principal of $0.4 million was forgiven. Certain of the Company's loan agreements limit the amount and type of indebtedness the Company can incur and require the Company to maintain specified financial ratios measured on a quarterly basis. In addition to the assets previously discussed, certain of the Company's property, plant and equipment are pledged as collateral under certain loan agreements and the capital lease arrangements. The Company was in compliance with all covenants contained in its loan agreements and financing leases at April 30, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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