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Long-Term Debt (Tables)
 9 Months Ended
Oct. 29, 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)October 29, 2023January 29, 2023
Revolving loans$220,000 $150,000 
Terms loans622,625 895,000 
1.625% convertible senior notes due 2027
319,500 319,500 
4.00% convertible senior notes due 2028
250,000 — 
Total debt$1,412,125 $1,364,500 
Current portion, net$— $(43,104)
Debt issuance costs(38,507)(24,430)
Total long-term debt, net of debt issuance costs$1,373,618 $1,296,966 
Weighted-average effective interest rate (1)
5.57 %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. As of October 29, 2023, the effective interest rate was a weighted-average rate that represented (a) interest on the revolving loans at a floating SOFR rate of 5.33% plus a margin and spread of 3.36% (total floating rate of 8.70%), (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 3.35% (total fixed rate of 6.79%), (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 3.35% (total fixed rate of 6.93%), (d) interest on the remaining debt outstanding on the Term Loans at a floating SOFR rate of 5.33% plus a margin and spread of 3.35% (total floating rate of 8.68%), (e) interest on the 2027 Notes outstanding at a fixed rate of 1.625%, and (f) interest on the 2028 Notes outstanding at a fixed rate of 4.00%. 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 2027 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 EndedNine Months Ended
(in thousands)October 29, 2023October 30, 2022October 29, 2023October 30, 2022
Contractual interest$25,566 $2,207 $70,963 $4,423 
Interest swap agreement(2,773)(732)(7,363)(733)
Amortization of deferred financing costs1,837 279 4,940 520 
Write-off of deferred financing costs3,675— 4,446 — 
Debt commitment fee (1)
— 7,255 — 7,255 
Total interest expense$28,305 $9,009 $72,986 $11,465 
(1) One-time fee incurred in connection with the Commitment Letter disclosed above.