v3.26.1
Debt
 3 Months Ended
Jul. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:
(In millions)July 31,
2026		April 30,
2026
First priority senior secured bank debt
$
1,213 
$
1,421 
1.500% senior notes, due August 2026
550 
550 
4.375% senior notes, due August 2027
599 
598 
4.000% senior notes, due May 2028
598 
598 
4.250% senior notes, due November 2029
597 
597 
4.950% senior notes, due August 2030
444 
— 
2.450% senior notes, due August 2031
746 
746 
5.500% senior notes, due August 2032
741 
741 
5.550% senior notes, due May 2033
745 
745 
5.950% senior notes, due October 2033
745 
745 
5.800% senior notes, due April 2034
842 
842 
5.650% senior notes, due August 2036
736 
— 
Total debt
$8,556 $7,583 
Less: short-term portion (1)
(550)
(550)
Total long-term debt$8,006 $7,033 
(1)    Short-term portion includes outstanding amounts under 1.500% senior notes, due August 2026, which were repaid subsequent to the balance sheet date.
First priority senior secured credit facility
As of July 31, 2026, $4,750 million was committed by the senior lenders under the asset-based senior secured revolving credit facility (“ABL Facility”) until November 2029. The amount utilized was $1,217 million (including letters of credit totaling $4 million). The ABL Facility is secured by a first priority security interest in substantially all of the assets of the Company and its material U.S., U.K., and Canadian subsidiaries, subject to customary exceptions. Pricing for the $4,750 million revolving credit facility is based on average availability according to a grid, varying from the applicable interest rate plus 125 basis points to 137.5 basis points. The applicable interest rate is based on Secured Overnight Financing Rate (“SOFR”) for U.S. dollar loans, Canadian Overnight Repo Rate Average (“CORRA”) for Canadian dollar loans and Sterling Overnight Interbank Average (“SONIA”) for sterling loans. The borrowing rate was the applicable interest rate plus 125 basis points and the weighted average interest rate was 4.692% and 4.718% as of July 31, 2026 and April 30, 2026, respectively.
The only financial performance covenant under the ABL Facility is a fixed charge ratio (comprising last 12-month (“LTM”) earnings before interest, taxes, depreciation and amortization (“EBITDA”) before exceptional items less LTM net capital expenditure paid in cash over the sum of scheduled debt repayments plus cash interest, cash tax payments and dividends paid in the last 12 months) which must be equal to or greater than 1.0 times.
This covenant does not, however, apply when excess availability (the difference between the borrowing base and facility utilization, taking into account borrowing base amounts in excess of the revolving commitments, subject to certain limitations) exceeds $475 million. Excess availability under the ABL Facility for covenant purposes was $3,750 million and $3,540 million as of July 31, 2026 and April 30, 2026, respectively, meaning that the covenant was not measured for the periods presented and is unlikely to be measured in the forthcoming quarters.
Senior Notes
Senior notes are guaranteed by the Company and substantially all of the Company's material direct and indirect subsidiaries, other than Ashtead Capital, Inc. ("Ashtead Capital"), the issuer for senior notes issued prior to April 30, 2026. The principal terms of the Company's senior notes, including guarantees, ranking, covenants and redemption features, are unchanged from those disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2026 and are incorporated herein by reference.
During the period, the Company issued two new series of senior notes, as a result of which, as of July 31, 2026, the Company had eleven series of senior notes outstanding. The new notes issued during the period are described below.
$450 million 4.950% senior notes due 2030. On July 14, 2026, the Company issued $450 million principal amount of 4.950% Senior Notes which are due August 12, 2030. Interest on the notes is payable on February 12 and August 12 of each year, beginning on February 12, 2027. The Company may redeem the notes, in whole or in part, at any time prior to the maturity date at a redemption price of 100% plus accrued and unpaid interest, if any, to, but not including, the date of redemption. Sunbelt Rentals Holdings, Inc. may also redeem the notes at a redemption price of 100% of the principal amount thereof outstanding, plus accrued and unpaid interest, if any, to the date of redemption.
$750 million 5.650% senior notes due 2036. On July 14, 2026, the Company issued $750 million principal amount of 5.650% Senior Notes which are due August 12, 2036. Interest on the notes is payable on February 12 and August 12 of each year, beginning on February 12, 2027. The Company may redeem the notes, in whole or in part, at any time prior to the maturity date at a redemption price of 100% plus accrued and unpaid interest, if any, to, but not including, the date of redemption. Sunbelt Rentals Holdings, Inc. may also redeem the notes at a redemption price of 100% of the principal amount thereof outstanding, plus accrued and unpaid interest, if any, to the date of redemption.