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Long-Term Debt (Tables) | 3 Months Ended
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Apr. 30, 2023
Debt Instruments [Abstract] |
Schedule of Long-term Debt | Long-term debt and the current period interest rates were as follows:
(in thousands, except percentages) | April 30, 2023 |  | January 29, 2023
Revolving loans | $ | 190,000 |  |  | $ | 150,000 |
Terms loans | 895,000 |  |  | 895,000 |
1.625% convertible senior notes due 2027 | 319,500 |  |  | 319,500 |
Total debt | $ | 1,404,500 |  |  | $ | 1,364,500 |
Current portion, net | $ | (42,695) |  |  | $ | (43,104) |
Debt issuance costs | (25,169) |  |  | (24,430) |
Total long-term debt, net of debt issuance costs | $ | 1,336,636 |  |  | $ | 1,296,966 |
Weighted-average effective interest rate (1) | 5.65 | % |  | 4.84 | %
(1) The revolving loans and Term Loans (as defined below) bear interest at variable rates based on Adjusted Term SOFR or a Base Rate (as defined herein), 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 2024, the Company entered into an interest rate swap agreement with a 2.75 year term to hedge the variability of interest payments on $150.0 million of debt outstanding on the Term Loans at a fixed Term SOFR rate of 3.58%, plus a variable margin and spread based on the Company's consolidated leverage ratio. In the fourth quarter of fiscal year 2023, the Company entered into an interest rate swap agreement with a 5 year term to hedge the variability of interest payments on $450.0 million of debt outstanding on the Term Loans at a fixed Term SOFR rate of 3.44%, plus a variable margin and spread 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 with a 3 year term to hedge the variability of interest payments on the first $150.0 million of debt outstanding on the Revolving Credit Facility at a fixed LIBOR-referenced rate of 0.73% plus a variable margin and spread based on the Company's consolidated leverage ratio. As of April 30, 2023, the effective interest rate was a weighted-average rate that represented (a) interest on the revolving loans at a floating SOFR rate of 4.88% plus a margin and spread of 2.61% (total floating rate of 7.49%), (b) interest on $450.0 million of the debt outstanding on the Term Loans at a fixed SOFR rate of 3.44% plus a margin and spread of 2.60% (total fixed rate of 6.04%), (c) interest on $150.0 million of the debt outstanding on the Terms Loans at a fixed SOFR rate of 3.58% plus a margin and spread of 2.60% (total fixed rate of 6.18%), (d) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 4.88% plus a margin and spread of 2.60% (total floating rate of 7.48%) and (e) interest on the Notes outstanding at a fixed rate of 1.625%. As of January 29, 2023, the effective interest rate was a weighted average-rate that represented (a) interest on the revolving loans at a fixed LIBOR rate of 0.73% plus a margin and spread of 2.36% (total fixed rate of 3.09%) (b) interest on $450.0 million of the debt outstanding on the Term Loans at a fixed SOFR rate of 3.44% plus a margin and spread of 2.35% (total fixed rate of 5.79%), (c) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 4.43% plus a margin and spread of 2.35% (total floating rate of 6.78%) and (d) interest on the Notes outstanding at a fixed rate of 1.625%.
Schedule Of Interest Expense | Interest expense was comprised of the following components for the periods presented:
| Three Months Ended |  |
(in thousands) | April 30, 2023 |  | May 1, 2022 |  |  |  |
Contractual interest | $ | 21,241 |  |  | $ | 907 |  |  |  |  |
Interest rate swap agreements | (2,145) |  |  | 169 |  |  |  |  |
Amortization of debt discount and issuance costs | 1,414 |  |  | 121 |  |  |  |  |
Total interest expense | $ | 20,510 |  |  | $ | 1,197 |  |  |  |  |

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