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Debt | 6 Months Ended
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Aug. 03, 2018
Debt Disclosure [Abstract] |
Debt | DEBT The Company's debt consisted of the following:
|  | August 3, 2018 |  | July 28, 2017 |  | February 2, 2018
(in thousands) |  | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Term Loan Facility, maturing April 4, 2021 |  | $ | 493,113 |  |  | 5.34 | % |  | $ | 498,263 |  |  | 4.48 | % |  | $ | 495,688 |  |  | 4.82 | %
Current ABL Facility, maturing November 16, 2022(1) |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
|  | 493,113 |  |  |  |  | 498,263 |  |  |  |  | 495,688 |  |  |
Less: Current maturities in Other current liabilities |  | 5,150 |  |  |  |  | 5,150 |  |  |  |  | 5,150 |  |  |
Less: Unamortized debt issuance costs |  | 3,613 |  |  |  |  | 4,967 |  |  |  |  | 4,290 |  |  |
Long-term debt, net |  | $ | 484,350 |  |  |  |  | $ | 488,146 |  |  |  |  | $ | 486,248 |  |  |
(1) July 28, 2017 amounts pertain to Prior ABL Facility. The following table summarizes the Company's borrowing availability under the ABL Facilities:
(in thousands) |  | August 3, 2018 |  | July 28, 2017 |  | February 2, 2018
Current ABL Facility maximum borrowing(1) |  | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 175,000 |
Outstanding Letters of Credit(1) |  | 14,862 |  |  | 10,362 |  |  | 22,328 |
Borrowing availability under ABL(1) |  | $ | 160,138 |  |  | $ | 164,638 |  |  | $ | 152,672 |
(1) July 28, 2017 amounts pertain to Prior ABL Facility. Interest; Fees The interest rates per annum applicable to the loans under the Debt Facilities are based on a fluctuating rate of interest measured by reference to, at the borrowers’ election, either (i) an adjusted LIBOR rate plus a borrowing margin, or (ii) an alternative base rate plus a borrowing margin. The borrowing margin is fixed for the Term Loan Facility at 3.25% in the case of LIBOR loans and 2.25% in the case of base rate loans. For the Term Loan Facility, LIBOR is subject to a 1% interest rate floor. The borrowing margin for the ABL Facilities is subject to adjustment based on the average excess availability under the ABL Facilities for the preceding fiscal quarter. LIBOR borrowings will range from 1.25% to 1.75% and 1.50% to 2.00% for the Current ABL Facility and Prior ABL Facility, respectively. Base rate borrowings will range from 0.50% to 1.00% for the ABL Facilities. Customary agency fees are payable pursuant to the terms of the Debt Facilities. The ABL Facilities fees also include (i) commitment fees in an amount equal to 0.25% and 0.25% to 0.375% of the daily unused portions of the Current ABL Facility and Prior ABL Facility, respectively, and (ii) customary letter of credit fees. Representations and Warranties; Covenants Subject to specified exceptions, the Debt Facilities contain various representations and warranties and restrictive covenants that, among other things, restrict the ability of Lands’ End and its subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, make dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers or change the nature of their business. In addition, if excess availability under the Current ABL Facility falls below the greater of 10% of the loan cap amount or $15.0 million, Lands’ End will be required to comply with a minimum fixed charge coverage ratio of 1.0 to 1.0. The Debt Facilities do not otherwise contain financial maintenance covenants. The Company was in compliance with all financial covenants related to the Debt Facilities as of August 3, 2018. The Debt Facilities contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance, and providing additional guarantees and collateral in certain circumstances.

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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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