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Debt | 3 Months Ended
--- | ---
Oct. 25, 2014
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding indebtedness consists of the following:
| October 25, 2014 |  | July 26, 2014
| (Dollars in thousands)
Senior Credit Agreement - Revolving facility (matures December 2017) | $ | 75,000 |  |  | $ | 63,000 |
Senior Credit Agreement - Term Loan (matures December 2017) | 111,719 |  |  | 114,063 |
7.125% senior subordinated notes due 2021 | 277,500 |  |  | 277,500 |
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,140 |  |  | 3,238 |
| 467,359 |  |  | 457,801 |
Less: current portion | (11,719 | ) |  | (10,938 | )
Long-term debt | $ | 455,640 |  |  | $ | 446,863 |
Senior Subordinated Notes Due 2021 As of October 25, 2014 and July 26, 2014, Dycom Investments, Inc., (the "Issuer"), 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 $3.1 million and $3.2 million as of October 25, 2014 and July 26, 2014, respectively. The 2021 Notes are guaranteed by the Issuer's parent company and substantially all of the Company's subsidiaries. For additional information regarding these guarantees see Note 18, 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 its 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 October 25, 2014 was approximately $290.7 million based on quoted market prices, compared to a $280.6 million carrying value (including the debt premium of $3.1 million). As of July 26, 2014, the fair value of the 2021 Notes was $297.6 million compared to a carrying value of $280.7 million (including the debt premium of $3.2 million). Senior Credit Agreement Dycom Industries, Inc. and certain of its subsidiaries, are party to a credit agreement (the "Credit Agreement") with various lenders. The Credit Agreement matures in December 2017 and provides for a $275 million revolving facility and a $125 million term loan (the "Term Loan"). Borrowings under the Credit Agreement can be used to refinance certain indebtedness, to provide general working capital, and for other general corporate purposes. The Company had outstanding revolver borrowings under the Credit Agreement of $75.0 million and $63.0 million as of October 25, 2014 and July 26, 2014, respectively, which accrued interest at a weighted average rate of approximately 2.27% per annum and 2.55% per annum as of October 25, 2014 and July 26, 2014, respectively. Additionally, the Company had $111.7 million and $114.1 million of outstanding principal amount under the Term Loan as of October 25, 2014 and July 26, 2014, respectively, which accrued interest at 2.15% per annum, as of both October 25, 2014 and July 26, 2014. The Credit Agreement contains a sublimit of $150 million for the issuance of letters of credit. Standby letters of credit of approximately $54.3 million and $49.4 million, issued as part of the Company's insurance program, were outstanding under the Credit Agreement as of October 25, 2014 and July 26, 2014, respectively. Interest on outstanding standby letters of credit accrued at 2.0% per annum at both October 25, 2014 and July 26, 2014. The unused facility fee was 0.35% of unutilized commitments at both October 25, 2014 and July 26, 2014. At October 25, 2014 and July 26, 2014, the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability of $145.7 million and $162.6 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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