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Debt

6 Months Ended

Oct. 26, 2019

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes components of the Company's debt:

(Dollars in Millions)		October 26, 2019				April 27, 2019
Revolving Credit Facility		$	24.6			$	35.0
Term Loan		237.5				243.7
Other Debt		15.6				16.8
Unamortized Debt Issuance Costs		(2.6		)		(2.9		)
Total Debt		275.1				292.6
Less: Current Maturities		(15.2		)		(15.7		)
Total Long-term Debt		$	259.9			$	276.9

Revolving Credit Facility/Term Loan

On September 12, 2018, the Company entered into a five-year Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement amends and restates the credit agreement, dated November 18, 2016, among the Company, Bank of America, N.A. and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million. In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million, subject to customary conditions and approval of the lenders providing new commitments. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ($3.1 million) through maturity, with the remaining balance due on September 12, 2023.

Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The interest rate on outstanding borrowings under the Credit Agreement was 3.32% at October 26, 2019. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of October 26, 2019, the Company was in compliance with all the covenants in the Credit Agreement.

Other Debt

The Company’s subsidiary, Procoplast, has debt that consists of 17 notes with maturities ranging from 2020 to 2031. The weighted-average interest rate was approximately 1.52% at October 26, 2019 and $2.7 million of the debt was classified as short-term.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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