| Schedule of debt components |
| | | | | | | | | April 30, 2025 | | July 31, 2024 | Unsecured senior notes | | | | | | | Fixed rate, 5.375%, due 2026 | | $ | 650,000 | | $ | 650,000 | Fixed rate, 5.875%, due 2029 | | | 825,000 | | | 825,000 | | | | | | | | Notes payable | | | | | | | 8.9% and 8.5% weighted average interest rate at April 30, 2025 and July 31, 2024, respectively, due 2025 to 2032, net of unamortized discount of $910 and $912 at April 30, 2025 and July 31, 2024, respectively | | | 4,953 | | | 6,151 | Total debt, excluding unamortized debt issuance and other costs | | | 1,479,953 | | | 1,481,151 | Unamortized debt issuance and other costs | | | (13,521) | | | (17,633) | Less: current portion of long-term debt (1) | | | 652,382 | | | 2,510 | Long-term debt | | $ | 814,050 | | $ | 1,461,008 |
| (1) | As of April 30, 2025, this includes the $650.0 million aggregate principal amount of 5.375% senior notes due April 1, 2026. |
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| Schedule of financial covenant ratio |
| | | Financial Covenant | | Ratio | Minimum interest coverage ratio (1) | | 2.50x | Maximum secured leverage ratio (2) | | 2.50x | Maximum total net leverage ratio (3) (4) | | 4.75x |
| (1) | Defined generally as the ratio of adjusted EBITDA to cash interest expense. |
| (2) | Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA. |
| (3) | Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA. |
| (4) | Ratio was 4.75x immediately prior to the quarter ended October 31, 2024. As amended, ratio is 5.25x beginning with the quarter ended October 31, 2024 through the quarter ended January 31, 2025, 4.75x for the quarter ending April 30, 2025 through the quarter ending July 31, 2025, 5.00x for the quarter ending October 31, 2025, and 4.75x for any quarter ending on or after January 31, 2026. |
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