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Note 7 - Long-term Debt | 3 Months Ended
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Apr. 30, 2025
Notes to Financial Statements |
Debt Disclosure [Text Block] | (7) Long-Term Debt Debt consisted of the following (in thousands):
|  | April 30, 2025 |  |  | January 31, 2025 |
Term Loans - current portion |  | $ | 6,404 |  |  | $ | 6,404 |
Current maturities of long-term debt |  | $ | 6,404 |  |  | $ | 6,404 |
Term Loans - long-term portion |  | $ | 580,192 |  |  | $ | 581,793 |
Original issue discount - long-term portion |  |  | (5,159 | ) |  |  | (5,527 | )
Deferred financing costs - long-term portion |  |  | (2,801 | ) |  |  | (2,999 | )
Long-term debt |  | $ | 572,232 |  |  | $ | 573,267 |
On July 16, 2021, a Skillsoft subsidiary, Skillsoft Finance II, Inc. (“Skillsoft Finance II”), entered into a Credit Agreement (the “Credit Agreement”), by and among Skillsoft Finance II, as borrower, another subsidiary - Skillsoft Finance I, Inc. (“Holdings”), the lenders party thereto and Citibank, N.A., as administrative agent and collateral agent, pursuant to which the lenders provided a $480 million term loan facility. In connection with the closing of the Codecademy acquisition, Skillsoft Finance II entered into Amendment No. 1 to the Credit Agreement, dated as of April 4, 2022 (the “First Amendment”), among Skillsoft Finance II, Holdings, certain subsidiaries of Skillsoft Finance II, as guarantors, Citibank N.A., as administrative agent, and the financial institutions party thereto as Term B-1 Lenders, which amended the Credit Agreement (as amended by the First Amendment, the “Amended Credit Agreement”), which provided an additional $160 million of Term B-1 Loans. Our debt outstanding under the Amended Credit Agreement as of April 30, 2025 matures as shown below (in thousands):
Future principal payments due for fiscal years ended January 31: |  |  |  |
2026 (nine months remaining) |  | $ | 3,202 |
2027 |  |  | 6,404 |
2028 |  |  | 8,005 |
2029 |  |  | 568,985 |
2030 |  |  | — |
Thereafter |  |  | — |
Total payments |  |  | 586,596 |
Current portion |  |  | (6,404 | )
Unamortized original issue discount and issuance costs |  |  | (7,960 | )
Long-term portion |  | $ | 572,232 |
We also have access to up to $75.0 million of borrowings under our accounts receivable credit agreement (the “A/R Agreement”) with First Citizens Bank and Trust Company, pursuant to which certain of our accounts receivable are pledged as security for loans made by participating lenders. The interest rate on borrowings outstanding under the A/R Agreement was 6.94% on April 30, 2025. As of April 30, 2025, $1.0 million was drawn under the A/R agreement and is classified as “borrowings under accounts receivable facility” on the condensed consolidated balance sheet. Refer to Note 13 “Long-Term Debt” to the 2025 AFS for additional information regarding the Amended Credit Facility and the A/R Agreement.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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