v3.22.2.2
DEBT (Tables)
9 Months Ended
Jul. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Components of Debt
(in millions)July 31, 2022October 31, 2021
Current portion of debt
Gross term loan$32.5 $32.5 
Unamortized deferred financing costs(1.0)(1.1)
Current portion of term loan$31.5 $31.4 
Receivables facility150.0 — 
Current portion of debt$181.5 $31.4 
Long-term debt
Gross term loan$576.9 $601.3 
Unamortized deferred financing costs(2.7)(3.5)
Total noncurrent portion of term loan574.2 597.8 
Revolving line of credit(1)(2)
435.0 255.0 
Long-term debt$1,009.2 $852.8 
(1) Standby letters of credit amounted to $158.8 million at July 31, 2022.
(2) At July 31, 2022, we had borrowing capacity of $705.1 million.
At July 31, 2022, the weighted average interest rate on all outstanding borrowings, not including letters of credit, was 3.64%
Schedule of Term Loan Maturities As of July 31, 2022, the following principal payments are required under the Amended Credit Facility.
(in millions)20222023202420252026
Debt maturities$8.1 $32.5 $32.5 $32.5 $938.8 
Schedule of Interest Rate Swap Information
Notional AmountFixed Interest RateEffective DateMaturity Date
$130.0 million2.84%November 1, 2018September 1, 2022
$100.0 million1.78%February 9, 2022June 28, 2026
$150.0 million1.92%February 25, 2022June 28, 2026
$100.0 million2.98%May 4, 2022June 28, 2026
$129.4 million (1)
2.89%July 7, 2022June 28, 2026
$170.6 million (1)
2.86%July 18, 2022June 28, 2026
(1) In July 2022, we entered into interest rate swap agreements with notional values totaling $300.0 million at inception. The notional amount reduces to $250.0 million in April 2024, $175.0 million in October 2024, and $100.0 million in October 2025 before maturing on June 28, 2026.