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Debt (Tables) | 9 Months Ended
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Oct. 24, 2020
Debt Disclosure [Abstract] |
Outstanding Indebtedness | Our outstanding indebtedness consisted of the following (dollars in thousands):
| October 24, 2020 |  | January 25, 2020
Credit Agreement - Revolving facility (matures October 2023) | $ | 85,000 |  |  | $ | — |
Credit Agreement - Term loan facility (matures October 2023) | 427,500 |  |  | 444,375 |
0.75% convertible senior notes, net (mature September 2021) | 55,621 |  |  | 422,526 |
| 568,121 |  |  | 866,901 |
Less: current portion | (78,121) |  |  | (22,500) |
Long-term debt | $ | 490,000 |  |  | $ | 844,401 |
Schedule Interest Rates for the Credit Agreement | Under our credit agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million to our trailing twelve-month consolidated EBITDA, as defined by the credit agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio.
Borrowings - Eurodollar Rate Loans | 1.25% - 2.00% plus LIBOR
Borrowings - Base Rate Loans | 0.25% - 1.00% plus administrative agent’s base rate(1)
Unused Revolver Commitment | 0.20% - 0.40%
Standby Letters of Credit | 1.25% - 2.00%
Commercial Letters of Credit | 0.625% -1.000%
(1) The administrative agent’s base rate is described in our credit agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Eurodollar rate plus 1.00%. The weighted average interest rates and fees for balances under our credit agreement as of October 24, 2020 and January 25, 2020 were as follows:
| Weighted Average Rate End of Period
| October 24, 2020 |  | January 25, 2020
Borrowings - Term loan facilities | 1.77% |  | 3.67%
Borrowings - Revolving facility(1) | 2.39% |  | —%
Standby Letters of Credit | 1.63% |  | 2.00%
Unused Revolver Commitment | 0.30% |  | 0.40%
(1) There were no outstanding borrowings under the revolving facility as of January 25, 2020.
Convertible Debt | The liability component of the Notes consisted of the following (dollars in thousands):
| October 24, 2020 |  | January 25, 2020
Liability component |  |  |
Principal amount of 0.75% convertible senior notes due September 2021 | $ | 58,264 |  |  | $ | 460,000 |
Less: Debt discount | (2,375) |  |  | (33,744) |
Less: Debt issuance costs | (268) |  |  | (3,730) |
Net carrying amount of Notes | $ | 55,621 |  |  | $ | 422,526 |
The following table summarizes the fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $99.00 and $97.25 as of October 24, 2020 and January 25, 2020, respectively (dollars in thousands):
| October 24, 2020 |  | January 25, 2020
Fair value of principal amount of Notes | $ | 57,681 |  |  | $ | 447,350 |
Less: Debt discount and debt issuance costs | (2,643) |  |  | (37,474) |
Fair value of Notes | $ | 55,038 |  |  | $ | 409,876 |

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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