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Debt | 6 Months Ended
--- | ---
Jan. 25, 2014
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding indebtedness consists of the following:
| January 25, 2014 |  | July 27, 2013
| (Dollars in thousands)
Borrowings on senior Credit Agreement (matures December 2017) | $ | 26,000 |  |  | $ | 49,000 |
Senior Credit Agreement Term Loan (matures December 2017) | 118,750 |  |  | 121,875 |
7.125% senior subordinated notes (matures January 2021) | 277,500 |  |  | 277,500 |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,426 |  |  | 3,607 |
| 425,676 |  |  | 451,982 |
Less: current portion | (9,375 | ) |  | (7,813 | )
Long-term debt | $ | 416,301 |  |  | $ | 444,169 |
Senior Subordinated Notes Due 2021 On January 25, 2014 and July 27, 2013, Dycom Investments, Inc., a wholly-owned subsidiary of the Company, had outstanding an aggregate principal amount of $277.5 million of 7.125% senior subordinated notes due 2021 that were issued under an indenture dated January 21, 2011 (the "Indenture"). In addition, the 2021 Notes had a debt premium of $3.4 million and $3.6 million as of January 25, 2014 and July 27, 2013, respectively. The 2021 Notes are guaranteed by Dycom and substantially all of the Company's subsidiaries. For additional information regarding these guarantees see Note 19, Supplemental Consolidating Financial Statements. The Indenture contains covenants that limit, among other things, the Company's ability to incur additional debt and issue preferred stock, make certain restricted payments, consummate specified asset sales, enter into transactions with affiliates, incur liens, impose restrictions on the ability of the Company's subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries, merge or consolidate with another person, and dispose of all or substantially all of its assets. The Company determined that the fair value of the 2021 Notes as of January 25, 2014 was approximately $298.7 million, based on quoted market prices, compared to a $280.9 million carrying value (including the debt premium of $3.4 million). As of July 27, 2013, the fair value of the 2021 Notes was $292.4 million compared to a carrying value of $281.1 million (including the debt premium of $3.6 million). Senior Credit Agreement Dycom Industries, Inc. and certain of its subsidiaries are party to a credit agreement with various lenders (the "Credit Agreement") which matures in December 2017. The Credit Agreement provides for a $275 million revolving facility and a $125 million term loan (the "Term Loan"). The Company had outstanding revolver borrowings under the Credit Agreement of $26.0 million and $49.0 million as of January 25, 2014 and July 27, 2013, respectively. Borrowings under the Credit Agreement accrued interest at a weighted average rate of approximately 2.16% per annum and 2.19% per annum as of January 25, 2014 and July 27, 2013, respectively. As of January 25, 2014 and July 27, 2013, the Company had $118.8 million and $121.9 million, respectively, of outstanding principal amount under the Term Loan, which accrued interest at 2.16% and 2.19% per annum, respectively. Borrowings under the Credit Agreement are guaranteed by substantially all of Dycom's subsidiaries and secured by the stock of each wholly-owned, domestic subsidiary (subject to specified exceptions) and can be used to refinance certain indebtedness, to provide general working capital, and for other general corporate purposes. Standby letters of credit of approximately $49.7 million and $46.7 million, issued as part of the Company's insurance program, were outstanding under the Credit Agreement as of January 25, 2014 and July 27, 2013, respectively. Interest on outstanding standby letters of credit accrued at 2.0% per annum at both January 25, 2014 and July 27, 2013, respectively. Unutilized commitments were at rates per annum of 0.35% at both January 25, 2014 and July 27, 2013. At January 25, 2014 and July 27, 2013, the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability of $199.3 million and $179.3 million, respectively, as determined by the most restrictive covenants of the Credit Agreement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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