Company: HEI-A
Filing Date: 2025-02-28
Form Type: 10-Q
Source: 0000046619-25-000015
Chunk: 17

Company: HEICO CORP
Filing Date: 2025-02-28
Form: 10-Q
Item: Item 1
Chunk 17
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 2,229,374 Less: Current maturities of long-term debt(3,950)(4,107)$2,349,681 $2,225,267 

13

Revolving Credit FacilityThe Company's borrowings under its revolving credit facility mature in fiscal 2028.  As of January 31, 2025 and October 31 2024, the weighted average interest rate on borrowings under the Company's revolving credit facility ("Credit Facility") was 6.1% and 6.3%, respectively.  The Credit Facility contains both financial and non-financial covenants.  As of January 31, 2025, the Company was in compliance with all such covenants.Senior Unsecured Notes The Company's senior unsecured notes consist of $600 million principal amount of 5.25% Senior Notes due August 1, 2028 (the "2028 Notes") and $600 million principal amount of 5.35% Senior Notes due August 1, 2033 (the "2033 Notes" and, collectively with the 2028 Notes, the "Notes").  Interest on the Notes is payable semi-annually in arrears on February 1 and August 1 of each year.  The 2028 Notes and 2033 Notes each have an effective interest rate of 5.5%.  The Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of the Company's existing and future subsidiaries that guarantee the Company's obligations under the Credit Facility (the "Guarantor Group").  As of January 31, 2025, the Company was in compliance with all covenants related to the Notes.The following table sets forth the carrying value and estimated fair value of the Company’s Notes, which are classified as Level 1 financial instruments in the fair value hierarchy (in thousands).  The Company estimated the fair value of the Notes by taking the weighted average of market quotes for the exact security that was actively traded on January 31, 2025 and October 31, 2024.January 31, 2025October 31, 2024Carrying ValueFair ValueCarrying ValueFair Value2028 Notes$595,552 $607,777 $595,267 $609,376 2033 Notes593,130 599,848 592,974 605,917 Total $1,188,682