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Long-Term Debt | 3 Months Ended
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May 02, 2021
Debt Instruments [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt and the current period interest rates were as follows:
(in thousands, except percentages) | May 2, 2021 |  | January 31, 2021
Revolving loans | $ | 177,000 |  |  | $ | 181,000 |
Debt issuance costs | (1,684) |  |  | (1,805) |
Total long-term debt, net of debt issuance costs | $ | 175,316 |  |  | $ | 179,195 |
Effective interest rate (1) | 1.87 | % |  | 1.88 | %
(1) The revolving loans bear interest at a variable rate based on LIBOR or a Base Rate, at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2021, the Company entered into an interest rate swap agreement that fixed the interest on the first $150.0 million of debt outstanding under the revolving loans at 1.9775%. As of May 2, 2021, 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 0.12% as of May 2, 2021, plus a margin of 1.25% (total variable rate of 1.37%). As of January 31, 2021, 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 0.14% as of January 31, 2021, plus a margin of 1.25% (total variable rate of 1.39%). 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. The borrowing capacity of the revolving loans under the senior secured first lien credit facility (the "Credit Facility") is $600.0 million and matures on November 7, 2024. As of May 2, 2021, the Company had $177.0 million outstanding under its Credit Facility, which had $423.0 million of undrawn borrowing capacity, and the Company was in compliance with the covenants required under the Credit Facility. Interest expense was comprised of the following components for the periods presented:
| Three Months Ended |  |
(in thousands) | May 2, 2021 |  | April 26, 2020 |  |  |  |
Contractual interest (1) | $ | 1,078 |  |  | $ | 1,438 |  |  |  |  |
Amortization of debt discount and issuance costs | 121 |  |  | 121 |  |  |  |  |
Total interest expense | $ | 1,199 |  |  | $ | 1,559 |  |  |  |  |
(1) Contractual interest represents the interest on the Company's outstanding debt after giving effect to the interest rate swap agreement. As of May 2, 2021, 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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