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Long-Term Debt and Capital Lease Obligations
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Capital Lease Obligations | 7. Long-Term Debt and Capital Lease Obligations Long-term debt consists of the following:
On January 28, 2013 we entered into a Senior Unsecured Revolving Credit Facility (the Credit Facility) that has a five-year term and permits aggregate borrowings at any time of up to $150 million, with a letter of credit sub-facility, a swing line sub-facility and a multi-currency sub-facility. Borrowings denominated in U.S. dollars bear interest at a spread above LIBOR or a base rate derived from the prime rate. Foreign denominated borrowings bear interest at a spread above the LIBOR applicable to such currencies. Subject to customary conditions, we may request that the aggregate commitments under the Credit Facility be increased by up to $100 million, with total commitments not to exceed $250 million. The Credit Facility replaces our previous Senior Unsecured Revolving Credit Facility that was scheduled to expire on April 23, 2013. The Credit Facility requires us to comply with certain financial covenants. Specifically, we must not permit, on a quarterly basis, the ratio of our consolidated EBITDA to our consolidated interest expense (Consolidated Interest Coverage Ratio) to exceed 3.00 to 1 or the ratio of our consolidated funded debt to our consolidated EBITDA (Consolidated Leverage Ratio) to exceed 3.25 to 1. As of April 30, 2013, our Consolidated Interest Coverage Ratio was 45.01 to 1, and our Consolidated Leverage Ratio was 0.74 to 1. The Credit Facility also contains certain limitations on additional indebtedness, asset or equity sales and acquisitions. The payment of dividends and other distributions is permitted provided there is no event of default after giving effect to such transactions. We are in compliance with all of the covenants. As of April 30, 2013, we had $10.0 million outstanding in borrowings, $5.6 million of outstanding letters of credit and $59.4 million available under the Credit Facility. The calculation of the available amount is based on: (1) our trailing twelve month EBITDA; (2) the maximum Consolidated Leverage Ratio allowed under the Credit Facility; and (3) the amount of outstanding borrowings and letters of credit. During the three months ended April 30, 2013, we borrowed $14.5 million under the Credit Facility and repaid $4.5 million. |
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