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Long-Term Debt | 6 Months Ended
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Jul. 26, 2020
Debt Instruments [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt and the current period interest rates were as follows:
| Balance as of |  |
(in thousands, except percentages) | July 26, 2020 |  | January 26, 2020
Revolving loans | $ | 189,000 |  |  | $ | 197,000 |
Debt issuance costs | (2,045) |  |  | (2,257) |
Total long-term debt, net of debt issuance costs | $ | 186,955 |  |  | $ | 194,743 |
Effective interest rate (1) | 1.87 | % |  | 2.95 | %
(1) As of July 26, 2020, the effective interest rate is a weighted-average rate that represents interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.19% as of July 26, 2020, plus a margin of 1.25% (total variable rate of 1.44%). As of January 26, 2020, the interest rate was a variable rate based on the one-month LIBOR rate, which was 1.7% as of January 26, 2020, plus a margin of 1.25% (total variable rate of 2.95%). On November 7, 2019, the Company, with certain of its domestic subsidiaries as guarantors, entered into an amended and restated credit agreement with the lenders party thereto and HSBC Bank USA, National Association, as administrative agent, swing line lender and letter of credit issuer in order to provide a more flexible borrowing structure by expanding the borrowing capacity of the revolving loans under the senior secured first lien credit facility (the "Credit Facility") to $600.0 million, eliminating the term loans under the prior facility and extending the maturity to November 7, 2024. As of July 26, 2020, the Company had $189.0 million outstanding under its Credit Facility, which had $411.0 million of undrawn borrowing capacity, and the Company was in compliance with the financial covenants required under the Credit Facility. Interest expense was comprised of the following components for the periods presented:
| Three Months Ended |  |  |  | Six Months Ended |  |
(in thousands) | July 26, 2020 |  | July 28, 2019 |  | July 26, 2020 |  | July 28, 2019
Contractual interest | $ | 1,131 |  |  | $ | 2,475 |  |  | $ | 2,569 |  |  | $ | 4,817 |
Amortization of debt discount and issuance costs | 121 |  |  | 122 |  |  | 242 |  |  | 247 |
Total interest expense | $ | 1,252 |  |  | $ | 2,597 |  |  | $ | 2,811 |  |  | $ | 5,064 |
As of July 26, 2020, there were no amounts outstanding under the letters of credit, swing line loans and alternative currency sub-facilities.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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- References No definition available. + Details
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